| Are distributions taxed on 1040?
Hello,
I am owner of S corporation (single employee) based out of TX.
If my corporation receives 100K in revenue for 2011 and if I were to do the below, do I need to report Profit Distribution on my 1040 (and pay federal taxes)? If I do not need to report, how I do I show profit distribution on my 1120S?
Wages : $50K
Expenses: $20K
Profit Distribution: $30K
-thanks
Baksh
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