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D
ddh2020
Level 3
February 19, 2020
Question

Owner's Draws

  • February 19, 2020
  • 2 replies
  • 0 views

Are owner's distributions from a multi member LLC reported on 1099 Div?

This topic has been closed for replies.

2 replies

S
SusanOP
Level 2
February 19, 2020

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! 

    D
    ddh2020Author
    Level 3
    February 19, 2020

    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.

     

     

    qbteachmt
    qbteachmt
    Level 15
    February 19, 2020

    "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
    T
    TaxGuyBill
    Level 15
    February 19, 2020

    No.

    What type of entity is this -- Sole Proprietor, Partnership, S-corporation or C-corporation?

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