LLC dissolved in 2020 but received 1099-DIV for 2021

[cw1123]

I dissolved my LLC partnership in August of 2020 and received confirmation from State.  All tax were filed properly in 2021.  I closed my business checking account but the bank forgot to change my investment account to my SSN.  So, I received a 1099-DIV under my LLC for year 2021 but my business was already terminated in 2020.

Question:

  Should I file the 1099-DIV under my personal tax 1040 as pass thru?  Or should I file 1065 for LLC partnership and generate schedule K1 for myself and wife?  My concern is I don't know if I can file 1065 when my LLC was dissolved over a year ago.

[AnnetteB6]

You could ask the bank for a corrected Form 1099-DIV.  If they will not provide one, be sure that they have corrected their records. 

If you do not get a corrected form, then since the Form 1099-DIV income would have been passed through to you on a K-1 if the partnership had not been dissolved, enter the Form 1099-DIV as part of your personal tax return for 2021.

[cw1123]

Thanks AnnetteB6,

  So what you're saying is as long as my bank made the correction then I won't have to file 1065?  That is a great new to me.  I was on the phone with IRS for 2 hours and was transferred to an 1099-DIV expert, both told me they don't know the answer and said I should talk to an accountant.  What a shame they took our tax money but don't know their stuff?  How could they even audit us if they don't know what is right?

[AnnetteB6 · Accepted solution]

Yes, if the bank makes the correction and issues the Form 1099-DIV in your Social Security number instead of the EIN of the partnership, then the IRS will have the updated records as well.

If they won't make the correction, having the income reported on your tax return (even though it was issued in the incorrect EIN) will show that the income was reported and taxed accordingly.  If you ever get any correspondence from the IRS, you will have your documentation showing it was reported and not just ignored.  

@cw1123