I am doing my personal taxes for 2023. I also have a corporation. In 2023 I withdrew funds in Shareholders loans. The same year I paid back the full amount of the loans. In Turbotax I have a line to fill in called Other Income Line 2. and I have to insert the amount I withdrew from my corporation. But, if I paid it all back should I still insert the amount withdrawn? or just leave it at 0? Since there is nowhere to show the amount paid back then I am assuming I just leave it blank.
If you paid back the full amount within 1 year after the end of the taxation year of the lender, and the repayment was not part of a series of loans or other transactions and repayments, then the loan is not taxable. You don't need to enter it on your personal tax return.
If you need assistance with TurboTax Business Incorporated or preparing your incorporated business tax return (T2), you can visit the Intuit Profile support site. For business returns please contact Profile at 1-800-452-9970. Thank you
If you paid back the full amount within 1 year after the end of the taxation year of the lender, and the repayment was not part of a series of loans or other transactions and repayments, then the loan is not taxable. You don't need to enter it on your personal tax return.
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