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I will receive a one time distribution from an LLC that I am a member of in July, 2020. When and how do I need to pay taxes on this money? I don't receive any other income from the LLC throughout the year.

  • Do you have other income? If so, is it W2 or 1099? – jamesqf Jun 26 at 4:59
  • Did this LLC elect to be taxed as a corporation, or if in the first year of operation will it do so when it files, and if so which type, and is the 'distribution' because you did work (formally, performed services)? See IRS pub 3402 – dave_thompson_085 Jun 26 at 5:56

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