Fidelity business account 1099

Forum|Forum|5 years ago
March 9, 2021
10 replies
70 views

Does anyone have business account with Fidelity and get 1099? Can you please confirm, if that 1099 is 1099-MISC and not 1099-

i have an LLC I want to open account at Fidelity for my trading business

TurboTax Premier Online

ToddL99

Level 13

Form 1099-MISC is not used to report investing activity.

Fidelity will report your trading business (investment) activity on Forms 1099-B, 1099-INT and 1099-DIV, whether you have a business, trust, or personal account.

stechAuthor

Level 6

But, If I have an LLC account, not personal account at Fidelity, and I get 1099B. Where will this income go on Sch C? or will it be on Sch D?

ToddL99

Level 13

1099-B activity gets reported on Form 8949 Sales and Other Dispositions of Capital Assets and on Schedule D, all through the Stocks, Mutual Funds, Bonds and Other interview in Investment Income.

Investment income cannot be reported on Schedule C, because it is subject to different tax treatment.