I am a real estate agent with a PLLC that is taxed as an S corp. The income reported on the 1099-MISC is my real estate commission. On the business edition I inputted the value in the business income section. I don't have any other income source or any K-1's sent to me. I am confused if my 1099-MISC needs to be inputted on form 1065. Thank much.
If you have an S-corporation, that is Form 1120-S not Form 1065...so let's first determine if you have Scorp or Partnerhips.
If you do have S-corp, you must first file Form 1120-S, U.S. Income Tax Return for an S-corporation (using TurboTax Business edition) and report your 1099-MISC there; this will generate Schedule K-1 which you will report on your personal tax return using TurboTax Premier or Self-employed version and you will not report form 1099-MISC again, since you have already reported it on your S-corp return.
You most likely do not have a Partnership, (Form 1065) since you are a single owner...you would need to to have another partner to file form 1065.
If you have an S-corporation, that is Form 1120-S not Form 1065...so let's first determine if you have Scorp or Partnerhips.
If you do have S-corp, you must first file Form 1120-S, U.S. Income Tax Return for an S-corporation (using TurboTax Business edition) and report your 1099-MISC there; this will generate Schedule K-1 which you will report on your personal tax return using TurboTax Premier or Self-employed version and you will not report form 1099-MISC again, since you have already reported it on your S-corp return.
You most likely do not have a Partnership, (Form 1065) since you are a single owner...you would need to to have another partner to file form 1065.
Great, thank you Margaret, for some reason the Business version is asking me to fill out info on form 1065 but I do not have any partnerships and my 1099-MISC is my only income.