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Retirement tax questions
What kind of 1099 do you have? There are 21 different kinds. There is no plain Form 1099. All 1099 forms have one or more letters after the 1099. The most common are 1099-INT, 1099-DIV, 1099-B, 1099-NEC, 1099-R, and 1099-G.
What kind of business organization do you have? If it's a sole proprietorship or a single-member LLC that you are reporting on Schedule C, there is no real distinction between you and your business. If you have a 1099-NEC, you can simply enter it as business income. It doesn't matter whether the 1099-NEC is addressed to you personally or to your Schedule C business. You don't have to do anything to make it business income.
May 23, 2021
6:53 PM