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Money in an LLC, Income?
If I have a business that I operate as an LLC and the LLC takes in 50k in but I only pay myself 30k leaving 20k in the LLC, do I report an income of 30k or the 50k when filing my IBR form?
50k, if that is the income according to the K-1. If it is a single-member llc you would be showing the 50k as income on your tax return whether you take the money out of the llc’s checking acct or not.