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I am the sole share holder of my corporation. During the…

Hi,I am the sole share...
Hi,I am the sole share holder of my corporation. During the year I take a reasonable salary and a small amount of dividends out of the corporation.How should I report the dividends? Should the corporation issue a 1099-Div to me? Also, where do I report these dividends payment on my 1120 Form?
Please help.
thanks!
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Answered in 35 minutes by:
10/19/2017
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,114
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

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Yes, you need to send yourself a Form 1099-DIV if you pay yourself more than $10 of dividends during the year.

Also, you will report the dividends on the Schedule M-2, line 5 of the Form 1120. If the dividends paid exceed the earnings and profits of the corporation, then you need to also check the "YES" box on Line 6 of Page 4 of the Form 1120.

I hope this answers your question. If you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great week!

Roger

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Customer reply replied 8 months ago
Thank you!

Any time! If you have questions in the future, please feel free to come back and request me.

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Thanks again!

taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,114
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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