FAA4.I Earned Income (EAIN EAIC) : 03 Earned Income Types - Overview : I Money Withdrawn from an LLC Business Account
Money Withdrawn from an LLC Business Account
 
(04/01/12 - 06/30/12)
When money is withdrawn from an LLC business account to pay for personal expenses and the business has elected to be treated as a corporation, the money is countable as earned income.
 
Personal expenses include, but are not limited to, the following:
 
●Car payment
●Entertainment
●Food
●Homeowner’s Insurance
●Mortgage payment
●Utility payment
 
Key the income on EAIC using the OT Earned Income Code.