Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-07-2014, 09:28 AM
Junior Member
 
Join Date: Jan 2014
Posts: 1
S corp income / distributions: k-1, 1120S

I have a S-corporation where I am the only shareholder. I started the year with a basis of zero and I pay my self a salary. In 2013, After my salary and all other normal business expenses, I have an extra amount of money that the corporation made of $25,000 that was paid out during the year to me via check with the note “distribution” on the check. What is the correct way to record this $25,000 on the 1120S, on the K-1, and where will it flow to on my personal 1040. Does it get recorded as profit on the 1120S and K-1 with a note on line 16D on the K-1 that says distribution then flows into the 1040 on the schedule E, then the distribution note on the line 16 D K-1 does not get recorded anywhere on the 1040 since the profit that was made was distributed back to the owner (however the profit increased by basis and the distribution decreased my basis so the basis would end up at zero again). Or is there a different way I need to handle this type scenario. Thanks for your help.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
S-corp dissolution & final 1120s impact1839 S-Corporation 2 02-07-2017 03:21 PM
depreciation in an 1120S corp maryclemens5 S-Corporation 1 03-19-2013 01:14 AM
S-Corp dissolution--? about depreciation on 1120s TMED S-Corporation 1 01-10-2013 07:51 AM
Income/Loss Reconciliation for Schedule K for 1120S littlem S-Corporation 2 01-23-2012 11:34 AM
New S-Corp. Questions about distributions and Foreign Earned Income Sean_82 S-Corporation 0 07-04-2010 07:15 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.