LLC losses and tax impact

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05-23-2016, 08:13 PM

Mcbmcb

Junior Member

Join Date: May 2016

Posts: 2

LLC losses and tax impact

I have an LLC
If I had 2015 losses of $400k, a salary of $200k and paid state and federal taxes of $100k, I am a 50/50 owner, what is my current tax situation?
I reduced 2016 salary to $100k.
Am I due a refund and if so what amount?
Can that be used to pay current 2016 taxes?

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