1099 NEC ENTRY

[KARIC4]

I FILED 1065 AND CLAIMED THE INCOME FROM THE 1099 NEC'S

DO I ALSO HAVE TO ENTER THE 1099 NEC'S AS INCOME ON OUR PERSONAL RETURN?

[SabrinaD2 · Accepted solution]

No, you do not need to enter the 1099-NEC income on your personal return if it has already been reported on Form 1065 for your partnership

Explanation:

• When you file Form 1065 for your partnership, the income reported on the 1099-NEC is included in the partnership's gross receipts or sales
• The partnership then issues Schedule K-1 to each partner, which reports their share of the partnership's income, deductions, and credits
• Personal Return: You will report the income from Schedule K-1 on your personal tax return.

[KARIC4]

Thank you! Thank you!

[rjs]

@KARIC4 

What is in the box for Recipient's TIN on the 1099-NEC forms? Is the EIN for your partnership or is it your Social Security number?

[KARIC4]

The ID # is for the business not personal.  After purchasing the correct programs and making all entries. (I thought I entered right).   I have punted and contacted an accountant.   Too stressful to do.  🥴