S-Corp Distribution

[cdyong]

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.

[tagteam · Accepted solution]

See the screenshot below for where to enter the distribution in the program.

[lisadoll]

do we also put this amount in the section titled "Dividend Distributions to Shareholders?" Or only in the area you outlined already?

[tagteam]

Just here (unless you have an E&P account, which you almost certainly do not):