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Level 2

Question

Do I have to file a 1099 for myself as I am a single person LLC. If not then how do I report how much I have paid myself from my business?

Forum|Forum|7 years ago
June 4, 2019
1 reply
1 view

I am filing my business taxes for the first time, business began in 2015. Is there somewhere that I can report that I have paid myself X amount. As all the business income is not what I actually earned, a lot was spent on buying tools and other expenses.

TurboTax Self Employed Online

Level 11

As the sole proprietor owner of a business, you report the income and expenses as a part of your personal tax return on SCH C. You do NOT pay yourself. The IRS considers and LLC to be a disregarded entity. This means that as far as the IRS is concerned, income earned by the business IS income earned by you. So you will NOT issue yourself a W-2, a 1099-MISC or any other tax reporting document. It's not necessary and will just mess you up with the IRS.

diamondjeffAuthor

Level 2

Thank you. I have called turbo tax several times and been on hold for 40 minutes waiting for someone to answer that question for me.