Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Where are non-cash Dividends entered on 1120
Where are non-cash Dividends entered on 1120
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
LARRYLIFE
Level 2
05-25-2022
03:59 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I've read the discussion on where Dividends paid go on the 1120.
1. It doesn't say they are Dividends on the M-2, so how would the IRS know they are Dividends?
2. What if the Dividends distributed actually reduced an excessive amount of retained earnings and no cash was distributed. On what line would that be entered?
Labels
3 Comments 3
LARRYLIFE
Level 2
05-25-2022
05:32 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
It offset retained earnings and the dividends will be reported on his personal tax return.
qbteachmt
Level 15
05-26-2022
11:54 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"It offset retained earnings"
"It" is what? Of course it also reduces retained earnings, but something has to be distributed, to affect retained earnings. You can't magically change only retained earnings.
Property? Asset? Stock? Money? Perhaps there was an Owed From Shareholder that is offset by a dividend amount? Or, some sort of trade in kind, such as, the Dentist owes the Architecture firm $50,000 and the Architect's kids all need braces?
*******************************
"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
