How do you enter a Distribution received by the Officer Shareholder.

[1225]

Has the business pay certain personal expenses.  Where do you put this so it shows a taxable money

[Just-Lisa-Now-]

a distribution wouldnt be taxable money....you may want to take a step back and decide if youre qualified to prepare this type of return.

[sjrcpa]

If it was from a regular corporation (not S) it would be taxable.

[Just-Lisa-Now-]

wouldnt that be dividend?

[sjrcpa]

Yes. And taxable.

[Just-Lisa-Now-]

and a form 1099DIV would have been issued to the shareholder?
I dont prepare C-Corp returns (I dont feel Im knowledgeable enough or qualified to prepare these) I also dont have any clients that are shareholders in them.

[qbteachmt]

If that is S Corp distribution, all shareholders would also get pro rata distribution. You cannot cover just the one person, and be in compliance.

And someone needs to point out this is theft, really. Using a corporation as if that is your own piggy bank is called "piercing the corporate veil." I can't believe the other shareholders, this person's own lawyer and CPA, etc, have not pointed out the risk here.

If you don't understand these things, it would be best to pass it off to someone who will address it with the directors and can also mentor you.

[sjrcpa]

"and a form 1099DIV would have been issued to the shareholder?"

Yes that's how it's supposed to work.

And all shareholders need to get the same amount per share.