- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
You would report the wages you pay yourself on the W-2 under the officer wages information. As for the draws, they are considered compensation, but not in the way you are thinking about it. The draws that you have taken from the company should be reported on the K-1, which when you report the K-2 on your personal return the draw will be reported.
You should be using at least Turbo Tax Premier to report the K-1. To report your K-1:
1. Log in to your account
2. Click on continue my taxes
3. On the left-hand side is the menu bar, click tax tools
4. Click tools
5. Click Topic Search
6. Enter in 1099-MISC
7. Click go
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎June 4, 2019
4:57 PM