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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: 934
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 4 months ago
Thank you!

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

Also, please do not forget to rate me, as that is how questions are closed.

Thanks again!

taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 934
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
Verified
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taxmanrog
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Category: Tax
Satisfied Customers: 934
934 Satisfied Customers
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

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