Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
1sunlover
New Member

Where in Turbo Tax do I show my owner's draw and the self employment taxes i've paid quarterly?

 
1 Best answer

Accepted Solutions
MichaelMc
New Member

Where in Turbo Tax do I show my owner's draw and the self employment taxes i've paid quarterly?

If you are self-employed (sole proprietor or disregarded single-member LLC), you are going to be taxed on all of your business earnings, whether you take a draw or leave the money in the business. Therefore, your owner's draw has no tax consequences and does not need to be entered. This is not necessarily true for more complicated business entities.

You enter the estimated taxes you have paid in the Estimates and Other Taxes Paid section. This is located in the Personal tab > Deductions and Credits


View solution in original post

1 Reply
MichaelMc
New Member

Where in Turbo Tax do I show my owner's draw and the self employment taxes i've paid quarterly?

If you are self-employed (sole proprietor or disregarded single-member LLC), you are going to be taxed on all of your business earnings, whether you take a draw or leave the money in the business. Therefore, your owner's draw has no tax consequences and does not need to be entered. This is not necessarily true for more complicated business entities.

You enter the estimated taxes you have paid in the Estimates and Other Taxes Paid section. This is located in the Personal tab > Deductions and Credits


Dynamic AdsDynamic Ads
Privacy Settings
v