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

cookies kicks · ‎February 6, 2023

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

Anonymous_ · ‎February 6, 2023

@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.

Anonymous_ · ‎February 6, 2023

@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.

MinhT1 · ‎February 6, 2023

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.

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