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Business & farm
Unless the LLC has made an election to be taxed as a corporation, you will not issue yourself a W-2 now or in the future.
If this is a single-member LLC, you will file the LLC's return as a schedule C on your tax return. The draws will not be reported anywhere.
If this is a multi-member LLC, it will need to file a 1065 (partnership tax return). Each member will then receive a K-1 that reports their share of net income (or loss). Any draws taken will be reported on the partnership return and included on the K-1s that are issued.
‎June 3, 2019
1:36 PM