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Are owner's distributions from a multi member LLC reported on 1099 Div?
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No. If you're filing as a single member LLC or a sole proprietor on Schedule C, then money that the owner draws from the company doesn't show up anywhere on Schedule C or elsewhere on the tax return.
Just to be clear: this answer is referring only to an owner's draw. If you actually meant a partner distribution or a distribution from an S-Corp, then you might want to rephrase your question.
Hope that helps!
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No.
What type of entity is this -- Sole Proprietor, Partnership, S-corporation or C-corporation?
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thank you! this is actually a 3 member LLC. They each took distributions throughout the year that were posted as owner's draws in the books.
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"that were posted as owner's draws in the books."
Which means not as expense and not reducing Net Income.
Don't yell at us; we're volunteers
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can I report cash that I pay to my employees as an expense
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Hi there,
You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.
Cheers!
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"can I report cash that I pay to my employees as an expense"
You can pay in cash, but it still should have been Payroll. Cash as takehome is fine, but "employee" means Payroll.
You need to seek local help to work through the issues. You would not want to find out you violated State and Federal labor laws and pay requirements.
No one on the internet can help you with this issue.
Don't yell at us; we're volunteers