As an owner of an s-corp., can I pay myself a distribution in 2022 from 2021 earnings reported on K1? I have paid myself a salary and a bonus, but never ever a distribution. If yes, I assume I can do a bank withdrawal? How do I report it for 2022 whereby it will not be treated as taxable because I have already paid personal income tax for it. Thank you.
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See the screenshot below for where to enter the distribution in the program.
See the screenshot below for where to enter the distribution in the program.
do we also put this amount in the section titled "Dividend Distributions to Shareholders?" Or only in the area you outlined already?
Just here (unless you have an E&P account, which you almost certainly do not):
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