Three opposing answers, one right after the other.
This whole owner's draw thing is an absolute trainwreck, especially this year. Thousands? Hundreds of thousands? of small business owners paid themselves "owner distributions?" "owner draws?" last year using EIDL loans. There is ZERO information on what to do with this info on your tax returns. This is a population of people who are all trying to do their taxes themselves on turbotax to save money.
Just like on this thread, the answers to how to handle this on your taxes are 100% contradictory, and this is info allegedly coming from accountants.
"I'm an accountant, and you cannot pay federal back taxes with your EIDL money." "I'm an accountant, and you can absolutely pay federal back taxes with your EIDL." (I happen to know which of those sentences are accurate, but that's an easy one.)
There are literally HUNDREDS of these types of contradictory comments sometimes following a SINGLE article talking about how to handle an owner's draw on your taxes (or paying yourself via your EIDL loan more broadly.)
