The EIN does not need to be corrected since the single member LLC is a disregarded entity. That means that it is reported on the individual return, Form 1040.
Include Form 1099-K on your Schedule C. If you already have Form 1099-K included in the reported income, you have two options.
- Keep Form 1099-K for your records and report the income as one number, or
- Back out the portion of the income that is attributable to Form 1099-K and include Form 1099-K.
Since the IRS will be looking for Form 1099-K on your return, the second option may be best. To do this in TurboTax, follow these steps:
- From the Wages and Income section, go to Self-employed income and expenses and
- Select Start/Revisit to begin with reporting Form 1099-K.
- Report Form 1099-K as received in the COMMON INCOME section under Other self-employed income, includes 1099-K, cash, and checks.
For more information, see: What is Form 1099-K?
