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- Do I include guaranteed draw on the at risk worksheet as other income from partnership?
Do I include guaranteed draw on the at risk worksheet as other income from partnership?
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Nancy9
Level 3
06-22-2021
04:26 PM
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On individual return. 1065K1 for an LLC general manager. At risk limitation worksheet line E6 shows guaranteed draws which flow thru to line 3 of Form 6498 and then allow the loss to net against the guaranteed draw for taxable income. Is this correct? I thought guaranteed draws didn't count towards basis. Is it considered other income from the activity that were not included on lines 1 or 2c?
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