Shareholders Distribution

[Tracy Lee]

I'm new to ATX  and was able to figure out where to put my shareholder distributions for a S Corp on the K1 input line 16 D to flow thru to my K1 but I

can't find the place to put my shareholders distributions so it will flow thru to Schedule M-2 line 7 and balance my Schedule L.

HELP!  I have spent an hour+ trying to figure this out.

[Abby Normal]

Click on the distributions line of M2 and press F6 to jump to the reconciliation. The tab is called Sch M-2 (1120S) - Retained Earnings.

 

[Tracy Lee]

This is where I have tried to enter the amount.  Line 7 first column, Accumulated Adjustments Account, but it does not allow for data entry there.  It just links you to Sch K.  Hmmmm... Is there somewhere on the Sch K I should be putting it? I see line 16d but that links me to a worksheet with a cash or property line.  When I put it in the cash line it does populate my Sch M2 but does not carry forward to my Sch L.  LOL.  kinda feel like I'm in a rabbit hole.

[TaxCPANY]

A]  1120S Sched K line 16d, Jump to its detail worksheet to distinguish between cash or property distributions AND populate Sched M-2.  Or

B]  19 steps up from the bottom of the Pages & Worksheets tab of Form 1120S input screen.

[Abby Normal]

12 hours ago, Tracy Lee said:

This is where I have tried to enter the amount.  Line 7 first column, Accumulated Adjustments Account, but it does not allow for data entry there.  It just links you to Sch K.  Hmmmm... Is there somewhere on the Sch K I should be putting it? I see line 16d but that links me to a worksheet with a cash or property line.  When I put it in the cash line it does populate my Sch M2 but does not carry forward to my Sch L.  LOL.  kinda feel like I'm in a rabbit hole.

You enter the excess distributions in 4th column 'Differences' as a positive number.