Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 11:08:44 PM

How can I report my personal withdrawal from my business account?

How can I report my personal withdrawal from my business account?

0 3 893
1 Best answer
Level 15
Jun 4, 2019 11:08:48 PM

If your LLC is a disregarded entity for tax purposes, you do not report movement of funds from one of your accounts to another on your tax return. 

3 Replies
Level 15
Jun 4, 2019 11:08:46 PM

How is your business organized?

New Member
Jun 4, 2019 11:08:47 PM

LLC sole owner

Level 15
Jun 4, 2019 11:08:48 PM

If your LLC is a disregarded entity for tax purposes, you do not report movement of funds from one of your accounts to another on your tax return.