I need a way to state an explanation under my business income that the income is assigned to a nominee. I see no way to do this in the program.

Forum|Forum|7 years ago
June 6, 2019
1 reply
17 views

I own an LLC and all of my personal income that I receive 1099s from Insurance Companies for under my personal SS#, is assigned to that LLC as operating income. I entered all of my 1099s under business income and then I subtracted it out. I need a way to state an explanation as to why I did that (per the instruction of my accountant)" "Income assigned to Nominee- Wellspring Center, LLC and Tax ID". The taxes for the LLC have already been completed and all of that income was accounted for that way. I see no where in that program that I can state such an explanation and I need to know where I can put that information. Thank you.

TurboTax Home & Biz Mac

VolvoGirl

Level 15

Where did you subtract it out (or how)?  You should have entered it on schedule C line 27a as Other Expenses with a description.  Did you put it there?

Go to Business tab- then Continue
Business Income and Expenses - Click the Start or Update button

Then click EDIT by the business name and the next screen should be a list of  topics,
Business Profile, Income, Inventory/Cost of Goods Sold, Expenses, Assets, and Final Details last.

Under Business Expenses, Click Start or Update by Other common business expenses.  You should see the list of expenses and amounts you entered.
Then click the start or update button by the expense you want to add or edit.

Other Miscellaneous Expenses is the 16th item under Expenses - Click the Start or Update button