Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
miss-hilligoss
New Member

Do I need to issue myself a 1099 for my small business? Partnership. We probably made 16,000 the whole year.

 
3 Replies
TomD8
Level 15

Do I need to issue myself a 1099 for my small business? Partnership. We probably made 16,000 the whole year.

A partnership files an information return on IRS Form 1065.  The partnership issues a Schedule K-1 to each partner, which reports their share of the partnership income.  The K-1 becomes part of each partner's tax return.

There is a section in TurboTax for entering K-1's.  Partners in a partnership are not paid a salary as employees.

 

Post back if this doesn't answer your question.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
JeffreyR77
Expert Alumni
Intuit Approved!

Do I need to issue myself a 1099 for my small business? Partnership. We probably made 16,000 the whole year.

No, you do not issue yourself a 1099 from a partnership. 

 

Your income from your partnership is reported on a K1 from the partnership that reports your allocation of the partnership's income and expenses. 

 

The amounts from the K1 then get reported initially on page 2 of Schedule E on your individual Form 1040.

SweetieJean
Level 15

Do I need to issue myself a 1099 for my small business? Partnership. We probably made 16,000 the whole year.

Dynamic AdsDynamic Ads
Privacy Settings
v