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jonhhunt
Returning Member

I have a 1099 made out to me, but I reported it on a business return. I have to enter it on my 1040..where do I deduct the amount so that the net effect is neutral?

I receive a 1099 for a sales commission that is made out to me. I report the income on a business return, but since the 1099 is made out to me I must report it on my personal 1040. I also deduct the amount, since it has been reported on another return. I can't see where to enter the deduction.

2 Replies
Critter
Level 15

I have a 1099 made out to me, but I reported it on a business return. I have to enter it on my 1040..where do I deduct the amount so that the net effect is neutral?

There are 2 ways to do it ... 

One it to put it on a Sch C (especially if the amount in box 7 is over $400) as income then make one expense for "income reported on Business return" .  

Or ( and this one could get you an IRS letter to explain your action ) put it on line 21 of the form 1040 by making 2 entries ... one positive then one negative. 

jonhhunt
Returning Member

I have a 1099 made out to me, but I reported it on a business return. I have to enter it on my 1040..where do I deduct the amount so that the net effect is neutral?

Thanks...entered on Schedule C under Part V line 48 and referenced EIN number

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