Do i need to amend 1120S if i have changed the distribution, as we know they paid tax already on the income made from K-1, but i need to change that they had distribution

[TaxPrep1]

If i change 1120s to show that they was a distribution for the shareholders on K-1 (items affecting shareholder basis > D) will be showing after the amendment but the due tax remain the same nothing changes, do i still need to file amendment for 1120s and  1040?

[abctax55 · Accepted solution]

I would make sure the individual shareholder is aware tho, in case of any possible excess distributions.  

[TaxPrep1]

@TaxMonkey @abctax55 thank you, I updated the shareholder personal tax return with the new K-1 but nothing changed (no tax change)

[abctax55]

YVW...I wasn't sure if you were also doing the individual's return.
Good job.

[TaxPrep1]

So in that case I think no need to file an amendment to the IRS personal side or the corp side!! while the S corp is a pass-through entity so the shareholder paid taxes on the income he made on K-1 already, we are just changing the distribution info ( which has nothing to do with the income he made). please correct me if I'm wrong, I appreciate your answers @abctax55

[abctax55]

There is the relatively new requirement that a basis schedule needs to be included with F 1040 if there was a loss or a distribution from an S-Corp.
I don't think I'd bother if there's no tax change, given the black hole that amended returns go in to..

[TaxMonkey]

If there was no change to any tax, I wouldn't send an amendment to the IRS.  Just keep notes.