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Level 2
posted Mar 9, 2025 8:46:52 AM

1099 NEC ENTRY

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?

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1 Best answer
Expert Alumni
Mar 9, 2025 8:56:05 AM

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.

 

4 Replies
Expert Alumni
Mar 9, 2025 8:56:05 AM

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.

 

Level 2
Mar 9, 2025 8:58:06 AM

Thank you! Thank you!

Level 15
Mar 9, 2025 9:18:58 AM

@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?

 

Level 2
Mar 9, 2025 1:20:49 PM

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.  🥴