We started an LLC in 2015 (wife owns). I see where you enter sales (revenue) and expenses in the "business income/expense" section. I have two questions:
1. Owner Distribution - we decided to take a small owner distribution which became family income for us but appears to be a business expense in QuickBooks. How do we report the Owner Distribution in TurboTax?
2. Expense vs. Income - in QuickBooks, I have compiled all of our expenses and all of our sales. The balance is $706.94. However, TurboTax shows a business income of (Gross $8,669 and $2,658). I saw there is a "year end value of inventory" which brings down "cost of purchases." Also, not every "expense" fits perfectly into one of the "Business Expenses" categories. But, why is there such a discrepancy between our simple expense vs. sales calculation and the "income" showing in TurboTax?
