Feb '24 • General discussion
Capital Distributions in Form 5472
Just finished filling out the forms 1120 proforma + 5472 for my new single member disregarded LLC. Its all looking good. Just have one question if anyone with experience can PLEASE HELP.
In the Tax Supporting Statements (for sections V and VI), I have stated by capital distributions/ draws as taken from the LLC as $0 since I have neither spent any money on personal expenses (as yet) nor have I "transfered" any amount from my business to personal bank account (which James had confirmed back in December as non-necessary).
So as a result, I still jhave some cash sitting in my business checking account. I know we are NOT filling out financial numbers or profit and loss here. Just double-checking if all is good? THANKS A BUNCH
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Capital Distributions in Form 5472
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