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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29528
Experience:  Taxes, Immigration, Labor Relations
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Where do i put "partner distributions" in my tax return for

Customer Question

where do i put "partner distributions" in my tax return for a S corp? is it on schedule L?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: i have taken out money from my business as partner distributions. where do I account for that on my business filing?
JA: Is there anything else the Accountant should be aware of?
Customer: i need help with schedule L
Submitted: 11 days ago.
Category: Tax
Expert:  Lev replied 11 days ago.

owners are called shareholders in case of S-corportaion.
That is very important because all income and deduction items are apportioned between shareholders according to the ownership percentage.

Distributions are reported on K1 statements box 16 using code "D"

Correspondingly - on form 1120S - that amount will be on schedule K line 16d

https://www.irs.gov/pub/irs-pdf/f1120s.pdf

Questions?

Expert:  Lev replied 11 days ago.

If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all Social Security / Tax related issues.