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Distributions in excess of retained earnings
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lmlcpaservices
Level 1
05-25-2020
01:56 PM
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Help on the 1040 Tax Return
S Corp owner has distributions in excess of retained earnings. The S Corp K-1 shows the total amount of distributions on line 16 D. When I import the K-1 into the personal tax return, it does not appear to automatically account for or calculate the capital gain tax on the distributions in excess. Is this a manual entry that I have to make? If it is manual, what do I need to do on the 1040 return?
Thanks!
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1 Comment 1
sjrcpa
Level 15
05-25-2020
03:52 PM
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Distributions in excess of basis are taxable. Basis is probably different than retained earings.
Once you figure out the taxable amount, enter it on Sch D/Form 8949. Long-term if S Corp stock held long-term.
The more I know, the more I don't know.
