S Corp Distribution IRS reporting

[BA93]

As the only shareholder of my S Corp, I paid myself some distributions throughout the year. What form does the S Corp use in order to report that income to myself? Obviously W-2 reports the regular income I earned but I was unsure of what form to file out for the distributions.

And yes, I pay myself a reasonable salary and not just pass thru all of the income in distributions.

 

[tropheus]

distributions only show up on the 1120S and K-1. Income shows up there and on your 1040 through Schedule E. you aren't generally taxed on distributions. you are taxed on corporate net income whether distributed or not.

**not an accountant, just a lawyer.

 

[CO Horn]

Did you pay yourself any W-2 wages? If not,you may want to consider this in the future. The IRS is cracking down on S-Corp shareholders that are not paying themselves a reasonable compensation amount.

 

[BA93]

yes, I paid most of the revenue generated by the S Corp in W-2 Income. But not all of it.