Search found 3 matches

by neolk171
Fri Jan 13, 2017 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Schedule K-1 on Undistributed Profit in S-corp - Possible TurboTax Error
Replies: 7
Views: 395

Re: Schedule K-1 on Undistributed Profit in S-corp - Possible TurboTax Error

When preparing a tax return, if you don't understand the reason for a question being asked by the tax program, you should not assume it is a program error. While the amount distributed does not affect the taxable income on the K-1, the amount distributed does go on line 16 (code D) of the K-1 as an...
by neolk171
Fri Jan 13, 2017 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Schedule K-1 on Undistributed Profit in S-corp - Possible TurboTax Error
Replies: 7
Views: 395

Schedule K-1 on Undistributed Profit in S-corp - Possible TurboTax Error

I am doing my taxes using Turbo Tax Business 2016 and I've come across what appears to be an error in the software. I am the sole shareholder of an S-corp that had a profit in 2016. These profits were not distributed though, they were retained by the company. As such, I need to create a K-1 form for...
by neolk171
Wed Jan 11, 2017 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Form 941 - Confusion Regarding 'Balance Due' Field
Replies: 2
Views: 158

IRS Form 941 - Confusion Regarding 'Balance Due' Field

Howdy, I am the sole owner of an S-corp and its only employee is myself. In the fourth quarter of 2016, my gross salary was $25,000. I have filled out a Form 941 however the 'Balance Due' field is confusing me. Here is a screenshot with the values filled out: http://prnt.sc/due80f The form is saying...

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