Does a S corp need to issue a 1099 to a shareholder for repayment of loan?
If so, what type of 1099>
031802
1 Best answer
Mike9241
Level 15
Dec 28, 2021 9:46:12 AM
it is not issued for repayment. it does get reported, principal only, on the shareholder's k-1 line 16 code E. Only interest, if $600 or more, gets reported on a 1099-int
3 Replies
Mike9241
Level 15
Dec 28, 2021 9:46:12 AM
it is not issued for repayment. it does get reported, principal only, on the shareholder's k-1 line 16 code E. Only interest, if $600 or more, gets reported on a 1099-int
M-MTax
Level 12
Dec 28, 2021 9:51:50 AM
Mike's right....gets reported on the K1.......it affects the shareholder's basis.