topic 2024 Distributions to Shareholders in Get your taxes done using TurboTax

2024 Distributions to Shareholders

texasbevo2 — Thu, 23 Jan 2025 04:06:04 GMT

The 2024 Distributions to Shareholders page has a serious defect in TT Business software.

Whenever I check this option to Yes because I took a distribution in 2024 as an S-corp shareholder, it will go back to No once I save and exit out of the software. I repeat this step by toggling to Yes and the software refuses to retain this selection. As a result, my Ordinary Business Income/loss is off by the same amount of distribution I took in 2024.

TT please do your job and QA your work before rolling it out. This is very sad.

Re: 2024 Distributions to Shareholders

PatriciaV — Thu, 23 Jan 2025 14:52:58 GMT

After you checked the box for Shareholder Distributions, did you enter an amount for either a Cash or Property Distribution? This entry should ensure your input is saved before you move forward in TurboTax.

Re: 2024 Distributions to Shareholders

texasbevo2 — Thu, 23 Jan 2025 15:42:36 GMT

Yes I did add the dollars amount in the box for the cash distribution. I don't have any property distribution so it's blank.

Re: 2024 Distributions to Shareholders

PatriciaV — Thu, 23 Jan 2025 16:43:08 GMT

We have tested shareholder distribution entries but are unable to reproduce the experience you have seen. It would be helpful to have a TurboTax ".tax2024" file to test further.

If you would be willing to send us a “diagnostic” file that has your “numbers” but not your personal information, please follow these instructions:

In TurboTax Desktop, open your return and go to Online in the TurboTax header. (On a Mac computer, choose File >> Share.)

Choose Send Tax File to Agent.
You will see a message explaining what the diagnostic copy is.  Click Send on this screen and wait for the Token number to appear.
Reply to this thread with your Token number and tag (@) the Expert requesting the token from you.
Please include any States that are part of your return.

We will then be able to see the same experience you are having. If we are able to determine the cause, we'll reply here and provide you with a resolution.

Re: 2024 Distributions to Shareholders

texasbevo2 — Fri, 24 Jan 2025 14:42:14 GMT

requested by @PatriciaV

token number : 181181286-53023691

State: Texas

Re: 2024 Distributions to Shareholders

PatriciaV — Sun, 26 Jan 2025 13:57:42 GMT

We have reviewed the diagnostic copy you provided. In both the step-by-step interview and the Schedule K-1 forms, the cash distribution appears and is correctly allocated. See attached screenshot of the Schedule K-1 worksheet.

If you are still not seeing this in your business return, please let us know.