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Dividends, Distributions, and Dividend Distributions-What's the difference??

I have an S-Corp and I'm the only employee and shareholder.  Turbotax Business asks "Enter total dividend distributions made to shareholders during tax year 2024 from your accumulated earnings and profits account."  The bold part is in bold in Turbotax.  What is that acccount? My reguar business account, or something I don't have?

 

 Is this asking me how much I gave myself after my salary?  I thought that was distributions.  

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1 Reply
RobertB4444
Employee Tax Expert

Dividends, Distributions, and Dividend Distributions-What's the difference??

Accumulated earnings and profits is prior year amounts.  It's asking if you withdrew a bunch of money from the company account for any reason.  In your case - since all of the profits are how you get paid - the answer is no.

 

@Plarka 

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