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How do I nominate my 1099 to my buessness?

 
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4 Replies
rjs
Level 15
Level 15

How do I nominate my 1099 to my buessness?

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.

 

How do I nominate my 1099 to my buessness?

@rjs 

It is a partnership LLC, My 1099 is a NEC. The income was claimed on my K1, however, the 1099 nec was put under my social instead of my business EIN.

How do I nominate my 1099 to my buessness?

Well make sure the issuer is aware of the error so this will NOT happen again.   

 

Then to avoid issues with the IRS later you can enter it as Sch C income and the make an identical expense deduction to zero out the income ... just use the "make your own category"  section and enter in something like "1099 income already reported on form 1065". 

How do I nominate my 1099 to my buessness?

Perect! Thank you so much!!

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