We took a draw weekly as owner compensation from our business. Where do I report that on TurboTax?

posted

If you are self-employed, you do not report your weekly withdrawals from the business in your tax return. You report only your business income and business expenses.

You pay income tax and self-employment tax on the profit of the business. And you are free to do whatever you wish with what is left.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Disappointed by Lack of Transparency and Hidden Fees

in Get your taxes done using TurboTax

Expert does your taxes

Do it yourself

Resources

Support

We took a draw weekly as owner compensation from our business. Where do I report that on TurboTax?

We took a draw weekly as owner compensation from our business. Where do I report that on TurboTax?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

We took a draw weekly as owner compensation from our business. Where do I report that on TurboTax?

Do you have an Intuit account?

We took a draw weekly as owner compensation from our business. Where do I report that on TurboTax?

Unlock tailored help options in your account.

Get more help

Related Content