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Level 2
posted Feb 6, 2023 3:15:55 PM

Do Distributions to shareholders get reported on 1120-s line 7?

Do distributions to shareholders get reported on 1120-s line 7? Do they get reported in any deduction? 

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1 Best answer
Level 15
Feb 6, 2023 3:29:01 PM

@cookies kicks wrote:

Do distributions to shareholders get reported on 1120-s line 7? Do they get reported in any deduction? 

No, distributions to shareholders are not reported on Line 7 of 1120-S and are not a deduction anywhere on an income tax return for an S corporation.

2 Replies
Level 15
Feb 6, 2023 3:29:01 PM

@cookies kicks wrote:

Do distributions to shareholders get reported on 1120-s line 7? Do they get reported in any deduction? 

No, distributions to shareholders are not reported on Line 7 of 1120-S and are not a deduction anywhere on an income tax return for an S corporation.

Expert Alumni
Feb 6, 2023 3:32:41 PM

No. In an S-corp filing form 1120S, distributions to shareholders are not reported on line 7. Only compensation of officers is reported on line 7.

 

Distributions to shareholders are reported on Schedule K line 16d.

 

Distributions ro each shareholder are reported on the shareholder's Schedule K-1 box 16 code D.