Solved: In 2017,our LLC made profit which was reported to1040, this yr he took some money, how should I report that? do we need to pay tax again for that distribution?

In 2017,our LLC made profit which was reported to1040, this yr he took some money, how should I report that? do we need to pay tax again for that distribution?

Reported income from LLC last year, and this year we took money from the account.

posted

No, distributions from a LLC are not taxable unless they are in excess of the partner's tax basis. Distributions of past profits are not in excess of the partner's basis.

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No, distributions from a LLC are not taxable unless they are in excess of the partner's tax basis. Distributions of past profits are not in excess of the partner's basis.

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