topic 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 Retirement tax questions

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?

worldtraveler — Mon, 03 Jun 2019 17:29:57 GMT

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

No, distributions from a LLC are not taxable unless they...

MinhT — Mon, 03 Jun 2019 17:29:58 GMT

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.