Hi,
I am a Georgia S Corp with only 1 shareholder. A small payroll company who has been struggling since Covid. No business earnings for the past three years. As a result, this is my final business tax return for tax yr 2022 for which it is marked on my business tax return. I am not sure to why the retained earnings are not showing on my Sched K. Unsure if it’s because I was already taxed and that amount of retained earnings are showing on Sched M-2 and that is why the distribution amount is not going on my personal taxes? Not sure if the Turbo tax software is actually processing correctly or am I suppose to add the undistributed previously taxed amount onto my personal tax return 1040(Home/Business). Hopefully someone can assist or
at least answer my questions.
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Not exactly sure what you are asking, as retained earnings are never reflected on Schedule K. Possibly you meant to say Schedule L?
There are a number of issues that come into play on a final return:
wrong schedule - schedule k on the 1120-s does not report retained earnings
at best it would be on schedule L - but in theory if it was always and s-corp and all the assets and liablities are gone it would likely be zero
the other place might be the m-2 but again just like above it likely would be zero
look at schedule B line 11. - there should be nothing left so schedule L and m-1 are not required.
also retained earnings are not reported on your k-1.
so i'm unsure of what you are looking for.
maybe if you would clarify the issue, we couls provide additional advice
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