Background
S-Corp, filing 1120S
Paying myself a wage and dividends from net profit.
Never been a C-corp, so no P&E or AAA concerns.
Doing taxes myself via TaxCut.
Two related questions:
1) Where are the dividends reported on the 1120S?
The software led me to put it on Sched K, line 17c.
But on closer inspection, That is for "accumulated earnings and profits" which I thought didn't apply to me.
Lacking that, I don't see anywhere else to put it.
2) The dividends from Line 17c are to be reported on a 1099-DIV.
TaxCut doesn't generate one of those that I can see.
When I go to input that data into my personal taxes, it asks what kind of distribution this is.
Dividends are normally taxable, but in this case they are previously taxed. How do I enter the 1099 info so they are not taxed again?
The instructions say to just read it from the 1099, but of course I don't have one.
H&R Block says they don't answer business tax questions, only personal. ??!??
Thanks for any direction on this,
Brad.
S-Corp, filing 1120S
Paying myself a wage and dividends from net profit.
Never been a C-corp, so no P&E or AAA concerns.
Doing taxes myself via TaxCut.
Two related questions:
1) Where are the dividends reported on the 1120S?
The software led me to put it on Sched K, line 17c.
But on closer inspection, That is for "accumulated earnings and profits" which I thought didn't apply to me.
Lacking that, I don't see anywhere else to put it.
2) The dividends from Line 17c are to be reported on a 1099-DIV.
TaxCut doesn't generate one of those that I can see.
When I go to input that data into my personal taxes, it asks what kind of distribution this is.
Dividends are normally taxable, but in this case they are previously taxed. How do I enter the 1099 info so they are not taxed again?
The instructions say to just read it from the 1099, but of course I don't have one.
H&R Block says they don't answer business tax questions, only personal. ??!??
Thanks for any direction on this,
Brad.
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