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Question

How do I enter into Turbo Tax Business a cash withdrawal to partners in an LLC?

Forum|Forum|1 year ago
January 23, 2025
1 reply
0 views

Cash withdrawal to members in a LLC is entered where on Turbo Tax business?

Employee

Cash payments to partners in an LLC are considered distributions. Enter this information in TurboTax Business under Business Info >> Shareholder Information.

Click "Done Entering Shareholders" at the bottom of the screen.
Confirm the Ownership Percentages are correct.
Continue to "2024 Distributions to Shareholders," check the box for "Yes..." and Continue.
Enter the total amount paid in the box under Cash and Continue.

TurboTax will allocate the total to each partner based on their ownership percentages.

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