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Level 1
posted Jan 5, 2020 10:41:21 AM

IRA distribution from a LLC

Using 2019 Business.....where do I show that I took a IRA mandated distribution ?

0 3 676
3 Replies
Level 15
Jan 5, 2020 12:46:59 PM

Can you provide some additional details with respect to exactly what it is you are trying to show (enter)?

 

Are you actually using TurboTax Business or is it Home & Business and where did the distribution originate?

Not applicable
Jan 5, 2020 1:05:55 PM

if it is a single member LLC that has not elected Corporate taxation, you are using the wrong product.  an unincorporated single member LLC uses one of the individual 1040 products and files schedule C if operating a business, schedule E if conducting rental activities and schedule f if conducting farm activities.   An IRA distribution is only reported on a 1040. you will be getting a form 1099-R which will be sent out by 1/31/2020

Level 15
Jan 5, 2020 8:34:56 PM

Nowhere on the business side will you "ever" show a distribution from an "individual" retirement account of any type. You'll deal with that on your personal tax return under the Personal Income tab, and not in the business section.