?good video, instructive. I have a question about the ordinary income reported on the 1120s and how that is affected by repayments of loan to shareholders. Maybe you can point me in the right direction. So let's say the elected S-corp had an overall income of $100K after expenses but also repaid $50K of loan principal to a shareholder during the same tax year. Let's say for simplicity there is one shareholder who received this principal repayment. Since $50K in revenue from the S-corp went to the repayment of the loan from the shareholder, does that $50K repayment reduce the $100K profit that would otherwise flow to that shareholder on the K-1?
What does this mean (Your tax return is still being processed. A refund date will be provided when available. For more information about processing delays, please see our Refund Frequently Asked Questions.)
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Hi, any idea how deal with Box 17 code AJ, but there are 2 AJ values. Please help. Thank you.
?good video, instructive. I have a question about the ordinary income reported on the 1120s and how that is affected by repayments of loan to shareholders. Maybe you can point me in the right direction. So let's say the elected S-corp had an overall income of $100K after expenses but also repaid $50K of loan principal to a shareholder during the same tax year. Let's say for simplicity there is one shareholder who received this principal repayment. Since $50K in revenue from the S-corp went to the repayment of the loan from the shareholder, does that $50K repayment reduce the $100K profit that would otherwise flow to that shareholder on the K-1?
How come John doesn't get W2? Is this ordinary income subject to SE tax then? thanks!
What does this mean
(Your tax return is still being processed. A refund date will be provided when available. For more information about processing delays, please see our Refund Frequently Asked Questions.)