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omgwtf
Returning Member

Single member LLC, how do I adjust the taxes owed to reflex taxes paid against 1099 income?

Hopefully this makes sense.
I am a single-member LLC.  Some of my customer's are non-profits and are likely going to issue me 1099 forms at the end of the year.  During the year, I am recording the money they pay me and am paying taxes against it.  I know I'm supposed to enter the 1099 form, but when I played around with old versions of TurboTax, it increases my taxes owed because it's now counting the income twice.  The income from them is already being counted by QuickBooks when I make my deposits, and my estimated tax payments are made with that income in mind.  However, because now it's also appearing on a separate 1099, how do I tell Turbo Tax that I've already included this income in my report from QuickBooks and have already made the estimated payments for it?  Hopefully this makes sense.

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2 Replies
M-MTax
Level 12

Single member LLC, how do I adjust the taxes owed to reflex taxes paid against 1099 income?

Don't put in the 1099s.....put the income in once and leave it at that. People put in the amount from their books and then ALSO put in the amounts from the 1099s when they get them.......one time only.

Single member LLC, how do I adjust the taxes owed to reflex taxes paid against 1099 income?

Just delete one or the other.  You don't need to enter the 1099 if you already recorded the income.  Only the total goes to schedule C line 1.  It isn't broken out and the 1099 info isn't sent with your return.

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