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downsmark
Level 2

How do I file the 1099 G my S Corporation received?

 
4 Replies
downsmark
Level 2

How do I file the 1099 G my S Corporation received?

No answers yet, so I guess I'll add more information.  My S Corporation received 3 1099-G forms from various state of Minnesota government agencies.  One is unemployment compensation and the other two have amounts in the taxable grants box (box 6).   I can't find a topic in Turbo Tax business where I can enter this information.  

S Corp taxes due soon.  Any guidance is appreciated.

Thanks

JeffreyR77
Employee Tax Expert

How do I file the 1099 G my S Corporation received?

The taxable grants can be entered as other taxable income

 

Verify the recipient taxpayer identification number on the unemployment compensation Form 1099-G. 

 

It isn't appropriate for an S-Corporation to receive unemployment compensation. 

 

It may be prudent to contact the state unemployment agency to verify this form's accuracy. 

 

If there is only one member for this S-Corporation, you can enter the unemployment compensation the same way as you entered the taxable grant.  

downsmark
Level 2

How do I file the 1099 G my S Corporation received?

Thank you, this answered my questions.  The recipient's TIN ends my confusion (I think).  The TINs on the taxable grants are for the S Corporation.  The TIN for the unemployment is a personal social security number.  If you could confirm, I am entering the unemployment compensation on my 1040 as income.  The taxable grant money I will add as other income in accordance with the Turbo Tax screenshot you provided.

Also, the S Corporation is a photography business and only has one employee.   Should I instead enter all three 1099Gs as other business income?

 

Does this sound right?

 

Thanks,

Mark

KathrynG3
Employee Tax Expert

How do I file the 1099 G my S Corporation received?

Report Form 1099-G according the the TIN reported.

One should be reported on the personal return in Income & Expenses under Unemployment.

 

The other two should be reported on the 1120-S return as described above. It would have otherwise been reported in its own category in Other Common Income as Other 1099-G Income.

 

For more information about this form, see: What Is a 1099-G Tax Form? - TurboTax Tax Tips & Videos

 

 

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