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-   -   HOW DO I REport my Corporation owners draw? (https://www.askmehelpdesk.com/showthread.php?t=570438)

  • Apr 14, 2011, 08:53 PM
    gceasy
    HOW DO I REport my Corporation owners draw?
    I need to report my owners draw from a corporation, what form or schedule shoul I use?
  • Mar 17, 2013, 02:15 PM
    The Junoo
    IAs long as the LLC is treated as a corporation,either a reg c-corp OR an Sc orp guaranteed draws are usually treated as a combination of compensation for services rendered to the corporation, and payments for the ownership interest (distributions in an S-corporation, dividends in a C-corporation). The portion treated as compensation should be reported as wages, and the partner should receive a W-2. The portion treated as payment for the ownership interest in an S-corporation is reported as a distribution on Schedule K of the 1120-S and on the partner's K-1. In a C-corporation, the corporation would issue Form 1099-DIV to the partner for the portion of the guaranteed draw that was a payment for his ownership interest

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