[gceasy]

I need to report my owners draw from a corporation, what form or schedule shoul I use?

[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