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Where in Turbo Tax do I show my owner's draw and the self employment taxes i've paid quarterly?
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June 1, 2019
12:10 AM
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Get your taxes done using TurboTax
If you are self-employed (sole proprietor or disregarded single-member LLC), you are going to be taxed on all of your business earnings, whether you take a draw or leave the money in the business. Therefore, your owner's draw has no tax consequences and does not need to be entered. This is not necessarily true for more complicated business entities.
You enter the estimated taxes you have paid in the Estimates and Other Taxes Paid section. This is located in the Personal tab > Deductions and Credits.
June 1, 2019
12:10 AM