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Get your taxes done using TurboTax
Report the whole amount from the 1099-NEC form as your income, and deduct the part which belongs to your parner as your business expenses as payments for outside services. Your partner has to report this income on his tax return as self-employment income. Officially, you have to issue form 1099 to anyone to whom you paid more than $600 during tax year, but since it was the company who didn't file the forms correctly, you shouldn't be penalized for that.
March 7, 2021
6:40 PM
1,131 Views