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wvbinz-bb
New Member

I supplimented my business with some of my retirement income is this a deduction for my business expenses ?

 
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RichardG
New Member

I supplimented my business with some of my retirement income is this a deduction for my business expenses ?

I assume you're a sole proprietor filing Schedule C and that you're not using a corporation or an LLC to operate your business.  If that's true, you should enter all your business expenses into TurboTax, regardless of where the money to pay these expenses came from.  You don't get an additional deduction for spending money from your retirement income on the business.

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3 Replies
RichardG
New Member

I supplimented my business with some of my retirement income is this a deduction for my business expenses ?

I assume you're a sole proprietor filing Schedule C and that you're not using a corporation or an LLC to operate your business.  If that's true, you should enter all your business expenses into TurboTax, regardless of where the money to pay these expenses came from.  You don't get an additional deduction for spending money from your retirement income on the business.

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wvbinz-bb
New Member

I supplimented my business with some of my retirement income is this a deduction for my business expenses ?

I am running my business as an LLC , not as sole proprietor.  Does that make a difference about added funds from my retirement fund to supplement my business?

RichardG
New Member

I supplimented my business with some of my retirement income is this a deduction for my business expenses ?

Possibly. if you are the only owner of the LLC and you did not elect to have the LLC treated as a separate tax entity, then the answer is the same.
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