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lizaranda26
Level 2
March 6, 2020

Excess of distribution

  • March 6, 2020
  • 1 reply
  • 12 views

S corporation 

shareholder has enough basis RE

this CY profit is less than distribution Procconect won’t let me enter the amount of distribution because is higher than profit

how to enter (without override) 

 

    This topic has been closed for replies.

    1 reply

    G
    goshen9882Intuit Community Champion
    Intuit Community Champion
    April 5, 2020

    Facts are limited, but a thought.

    While the shareholder may have basis, is it limiting the distribution in the AAA?

    If that is the case, the amount reflected on AAA may be less than what is reflected on the K-1.  This is due to the fact that AAA cannot go negative as a result of distributions.

     

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