turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
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"

View solution in original post

1 Reply
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"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies