jsmith7412 Posted January 31, 2013 Report Posted January 31, 2013 I am an S-Corp and working on my taxes with Turbo Tax and going through the wizard, it says if you did not make $250,000 or over you do not have to put your balance sheet in. Well, I took a $6500 distribution and now without the balance sheet being entered it is not showing up on the K1. Any suggestions? I still individually have to pay the tax on this correct?
rfassett Posted January 31, 2013 Report Posted January 31, 2013 You are in very dangerous waters and should consult a professional directly with cash in hand. You are working way beyond your pay grade. And I am being nice. 2
OldJack Posted January 31, 2013 Report Posted January 31, 2013 It is obvious that you do not understand taxation of an S-corp and should consult a tax expert for tax return preparation. No joke!! 2
HV Ken Posted January 31, 2013 Report Posted January 31, 2013 Not to mention you are on an ATX board asking about TurboTax.... TurboTax commercials say they have EAs and CPAs ready to help. I suggest you call TurboTax and let their experts help you - of course, the other suggestions of going directly to a professional are even better. 2
BulldogTom Posted January 31, 2013 Report Posted January 31, 2013 I am an S-Corp and working on my taxes with Turbo Tax and going through the wizard, it says if you did not make $250,000 or over you do not have to put your balance sheet in. Well, I took a $6500 distribution and now without the balance sheet being entered it is not showing up on the K1. Any suggestions? I still individually have to pay the tax on this correct? Dude, not trying to be mean, but Turbo Tax is a competitor to all of us on this board. We could give you the answers, but almost every person here will expect to make their living off of the amended returns you are going to have to do after you hose this return using TT. You don't know what you don't know, and that is what is going to get you in trouble. Tom Hollister, CA 1
Dan Posted February 1, 2013 Report Posted February 1, 2013 You better have a (w-2) wages or salary here or you are in big trouble. You can't just take a distribution. 1
jainen Posted February 1, 2013 Report Posted February 1, 2013 >>without the balance sheet being entered it is not showing up on the K1<< This is a problem with your data entry or other software issue, so you should contact TurboTax. I apologize for my passionate colleagues on this board, jsmith7412. Normally we are all very sweet to new members. You just happened to wander into another software problem here this week. 1
kcjenkins Posted February 1, 2013 Report Posted February 1, 2013 Since this is NOT a group for non-professionals, I agree with all the responses. And I am going to close this thread now. Enough said. 1
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