How do I adjust my 2019 taxes to show a small owner draw from a business?

[VolvoGirl]

Do you file a separate Business return or file a schedule C in your personal return?  If you file schedule C you do not report any withdrawals.   You only report actual expenses you paid.  Schedule C is a disregarded entity and is your own money.  

Sole proprietors cannot take a withdrawal or salary and include it as an expense on their tax return. You don't pay yourself or enter a salary or withdrawal for yourself. All the business income and expenses are your personal income and expenses in the first place. You just fill out a Schedule C. The net profit or loss is your income. If you have a net profit of $400 or more on schedule C you will pay SE self employment tax on it in addition to your regular income tax. It's all included on your personal 1040 form.  (And if you paid yourself and deducted it as an expense then you would have to include it as income on the same tax return so it would be a wash.)

[DoninGA]

If you were self-employed and an independent contractor/sole proprietor and reported your income and expenses on Schedule C then your net income is reported on the Schedule C.  There is no reason to amend since all of the net income was already reported..

If you did not file a Schedule C what type of business did you report on for tax year 2019?  Partnership, S Corp or C Corporation?

[imajenaytion]

I received a regular W2 from the business and then a small business draw that was less than $5000 that I need to pay taxes on. I already filed the taxes from the W2. We have a C Corp. Not sure how to note the small business draw.

[Anonymous]

good that you told us what type of business you have. your C Corp was required to file form 1096 with form 1099 for the distribution with the IRS. it's a dividend.   On your 1040 you will report it on schedule B as dividend income. if it's a domestic C Corp, i would also note on the 1099 input form or question that it is a qualified dividend. This is true if the C-Corp had earnings and profits. the computation of e&p is somewhat complicated but  generally if you have retained earnings that's your E&P 

this gets reported on the same 1040 as your w-2. you seem to be saying you already filed your 1040 reporting only the W-2. if this is the case you need to amend