I am an Etsy shop owner and have an LLC with my partner. When Etsy deposits the funds each week, we split them. Do I enter the exact numbers on the 1099K or split?

In addition to my question, please be advised that my partner and I have not filed any taxes for Etsy yet as this was our first year in business. By filing through turbo tax, does this count as paying the taxes?

I have a 1099K from Etsy and my own record of revenue, cost of goods sold and profit. Is this all I will need?

As noted in my question, we received one 1099K from Etsy but the income was then split between me and my partner. Do I write down half of what is mentioned on the 1099K?

posted

You can report your multi-member LLC as a partnership, and you would enter the total of the 1099-K and all appropriate deductions on the Form 1065 Partnership Tax Return.

Included in the partnership return would be the Form 1165, Schedule K-1's (each partner's share of income and expenses), one of you and one for your partner.

Each of you would report the information from the K-1's on your respective individual tax returns.