- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I received 1099's for my Scorp that were used to generate my K1. When I file do I need to include those 1099's in my personal return or are they covered through the K1?
Topics:
1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I received 1099's for my Scorp that were used to generate my K1. When I file do I need to include those 1099's in my personal return or are they covered through the K1?
On your personal tax return, you only enter the Schedule K-1 received from the S-corp.
The forms 1099-MISC have to be reported on the S-Corp's tax return (form 1120S) and this income is passed through to you by the Schedule K-1..
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I received 1099's for my Scorp that were used to generate my K1. When I file do I need to include those 1099's in my personal return or are they covered through the K1?
On your personal tax return, you only enter the Schedule K-1 received from the S-corp.
The forms 1099-MISC have to be reported on the S-Corp's tax return (form 1120S) and this income is passed through to you by the Schedule K-1..
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"