Question

I have a sole proprietorship self-employed business and had my wife and granddaughter.I paid them wages using the SBA EIDL Loan. Do I provide W-2s on those amounts?

Forum|Forum|3 years ago
April 13, 2022
1 reply
0 views

Do I have to list it as income for the business and then have the business deduct employee wages?

TurboTax Online

The EIDL loan proceeds are not income so you don't need to report it as such on your tax return. You would deduct the payments as wages and you do need to issue W-2 forms. A child under age 18 is not subject to social security or Medicare tax though.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"