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Do I need to issue myself a 1099 for my small business? Partnership. We probably made 16,000 the whole year.

 
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3 Replies
TomD8
Level 15

Do I need to issue myself a 1099 for my small business? Partnership. We probably made 16,000 the whole year.

A partnership files an information return on IRS Form 1065.  The partnership issues a Schedule K-1 to each partner, which reports their share of the partnership income.  The K-1 becomes part of each partner's tax return.

There is a section in TurboTax for entering K-1's.  Partners in a partnership are not paid a salary as employees.

 

Post back if this doesn't answer your question.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
JeffreyR77
Expert Alumni
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Do I need to issue myself a 1099 for my small business? Partnership. We probably made 16,000 the whole year.

No, you do not issue yourself a 1099 from a partnership. 

 

Your income from your partnership is reported on a K1 from the partnership that reports your allocation of the partnership's income and expenses. 

 

The amounts from the K1 then get reported initially on page 2 of Schedule E on your individual Form 1040.

Do I need to issue myself a 1099 for my small business? Partnership. We probably made 16,000 the whole year.

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