topic I by mistake put money into my single member llc instead of my s corp in 2019, what do i do?i would like to make a distribution like an s corp is there a way to fix that? in Business & farm

I by mistake put money into my single member llc instead of my s corp in 2019, what do i do?i would like to make a distribution like an s corp is there a way to fix that?

loch-3 — Sat, 01 Jun 2019 20:09:35 GMT

a deposit into a single member llc is in essence a depos...

Anonymous — Sat, 01 Jun 2019 20:09:36 GMT

a deposit into a single member llc is in essence a deposit to yourself - like a transfer between your left and right pockets you can take the money out of the llc a/c and put it into the s-corp a/c without having taxable income. for tax purposes, for the s-corp, the money isn't in until it's deposited into its bank a/c. i only point this out in case you had basis problems with the s-corp.

so what do i do now?

loch-3 — Sat, 01 Jun 2019 20:09:37 GMT

so what do i do now?