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Jen16
Level 3
April 15, 2022
Question

Owner's draw

  • April 15, 2022
  • 9 replies
  • 41 views

I have a customer who is a sole proprietor and he has been taking monthly draws.  I know it is taxable to him personally, just wondering where to put it on the form.  Is it OK to just be in Other Income?

This topic has been closed for replies.

9 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
April 15, 2022

No, sole props get taxed on the net profit at the bottom of the Sch C, you dont input those draws anywhere.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    Jen16Author
    Level 3
    April 15, 2022

    That's what I thought but I was doing some research to verify that and I found a bunch of responses that said owner's draws were taxable not on the schedule C but on their personal income taxes?  Tried to find clarification on the IRS site and didn't have a lot of luck.  

    sjrcpa
    sjrcpa
    Level 15
    April 15, 2022

    Schedule C is part of their personal income taxes.

    The more I know the more I don’t know.
      jeffmcpa2010
      Level 10
      April 15, 2022

      @Jen16 You need to go back to class. 

        Jen16Author
        Level 3
        April 15, 2022

        Thanks for taking time out of your busy day to be rude.  

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