Small business (incorporated) declares and pays dividends

[JMPin]

Scenario:

Small business is incorporated

Declared & paid $28K to shareholders. in 2021

How is retained earning adjusted on the balance sheet for the paid dividends (s100)?

Where is  the amount entered on Taxable Dividends Paid on schedule 3?

Finally are any other schedules affected?

[TurboTaxBrenda1]

Please contact our Intuit Profile- TurboTax for business Inc. for assistance.

Thank you for choosing TurboTax.

[JMPin]

Thank you for your suggestion. Link does not work. I am not a Profile customer, but a Turbo Tax T2 incorporated customer.