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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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dmufeed2
Level 2
02-07-2024
09:01 AM
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Do you put owner draws listed on balance sheet on sch m2 line 7 or on sch k 16 D
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PhoebeRoberts
Level 11
02-07-2024
09:48 AM
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I mean this in the nicest possible way. You need a local tax professional who can mentor you in preparing 1120S returns, and/or a training class.
Non-dividend distributions to an S-corp shareholder should appear on both AAA (Sch M-2 Line 7) to the extent of positive AAA, and Line 16d of Schedule K. Lacerte will put them both places if you enter the distribution(s) in Screen 8.
