S-Corp Distribution

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.

920

1 Best answer

Level 15

Apr 22, 2022 7:16:09 PM

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

Level 15

Apr 22, 2022 7:16:09 PM

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

Level 1

Mar 21, 2023 12:39:05 PM

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

Level 15

Mar 21, 2023 1:40:10 PM

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

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S-Corp Distribution