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    wilcotech's Avatar
    wilcotech Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 8, 2012, 03:28 PM
    What happens if I forget to take my year end distribution from my S-corp?
    I completely forgot to take 0 out my business account and ended up with a HUGE sum in there at the end of my tax year. How bad does this mess me up?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 9, 2012, 04:07 AM
    It does not mess your tax return as long as you have reported K-1 income. Take distribution when ever you want.
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