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

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

encw
New Member

Last season we received a K1, then my husband became sole owner. We received a 1099MISC with the company's name. Do I input it as though it has his name? Do we need a K1?

 
This feature is pending. Thanks for your patience.
Didn't get the answer you wanted? Would you like to view more questions that might be relevant?
1 Best answer

Accepted Solutions
MinhT
Expert Alumni

Last season we received a K1, then my husband became sole owner. We received a 1099MISC with the company's name. Do I input it as though it has his name? Do we need a K1?

If your LLC has become a single-member LLC with your husband as the sole member, it is considered as a disregarded entity.

You report all income and expenses of the LLC on Schedule C of your joint return. You enter the form 1099-MISC issued to the LLC as though it was in his name. You'll not need a form 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

2 Replies
MinhT
Expert Alumni

Last season we received a K1, then my husband became sole owner. We received a 1099MISC with the company's name. Do I input it as though it has his name? Do we need a K1?

If your LLC has become a single-member LLC with your husband as the sole member, it is considered as a disregarded entity.

You report all income and expenses of the LLC on Schedule C of your joint return. You enter the form 1099-MISC issued to the LLC as though it was in his name. You'll not need a form 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"
encw
New Member

Last season we received a K1, then my husband became sole owner. We received a 1099MISC with the company's name. Do I input it as though it has his name? Do we need a K1?

Thank you!
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v