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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.
