My business entity is a single-member LLC. I have a corp-to-corp agreement. I will not get a 1099-MISC. My question is how will this income be listed on Turbotax?

[cyin2000]

I have TurboTax Home & Business.  Do I need Turbotax Business to handle LLC and corp-to-corp transaction?  If no, where do I enter income in TurboTax Home & Business?

[Coleen3 · Accepted solution]

As a single person LLC, you can be taxed in two possible ways. Unless you have elected to be treated as a Corporation, you a must by default file as an Independent Contractor. You will include income and expenses on Schedule C. Since you don't have a 1099-Misc, simply enter your income without it.

A corp-to-corp transaction only means that instead of paying you, as an individual, you will need to have an LLC or corporation that they can pay for your services.

 No 1099-Misc HOW TO ENTER

1. First, sign in to My TurboTax
2. Next, click the orange Take me to my return button
3. On the white bar at the top, click Federal Taxes
4. Then, Wages & Income
5. In the Self-Employment section (you may need to click Show more), next to Income and Expenses, click Start (or Revisit)
6. When asked "Did you have any self-employment income or expenses?" select Yes
7. You'll see the screen titled "Tell us the type of self-employment work you do." Enter your description, then Continue
8. On the next screen "Let's get income for [description]" select the button Additional income. Includes 1099-K, check/cash payments and Continue 
9. The next screen will say "Tell us about additional income for your [description] work." List descriptions and amounts on this screen

[cyin2000]

Thank you for the detailed reply !

[cyin2000]

In Turbotax Home & Business, is this section under Business > Business Income > General Income?

[Coleen3]

Yes

[cyin2000]

Thank you Coleen !