I'm using Turbo Tax Business to complete our form 1065. Under the 'Income' tab, it says to enter service receipts. The wording makes it unclear what to do regarding Form 1099-MISC of which we received 2 of them.
Here's the T.T. wording: "If you received a Form 1099-MISC or Form 1099-K reporting your income, be sure to include in your income below any amount from the Form 1099-MISC or Form 1099-K for sales receipts.
Under the 'Explain this' tab, it says, "Note: If payment for services you provided is listed in box 7 of Form 1099-MISC, you are being treated as a self-employed worker or independent contractor. Please verify that this is NOT included in the gross receipts total. It may not be necessary to report, if this information is already included in your gross receipts total."
It seems to me they contradict themselves regarding what to do with the 1099-MISC form - do I include it as stated in the first sentence above or do I not include it as stated under the 'Explain this' tab in the second sentence above. Can someone please clarify what they're saying? Thank you for your help. I appreciate it.
I want to clarify that from 1/1/17 - 7/18/17, we were a sole proprietor. In 7/19/17, we became a 2-member LLC.
