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mox11
New Member

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?

 
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MinhT
Expert Alumni

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..

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MinhT
Expert Alumni

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"
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