topic 1099 Misc or Not? in Get your taxes done using TurboTax

1099 Misc or Not?

NewBsnssOwnr — Thu, 30 Jan 2020 00:48:40 GMT

I have a small business, I have a payroll company and I take a salary, but I also paid myself extra thru the year, how do I report the extra income in my taxes? Is it a 1099 Misc. and do I put it in the 'other'?

Re: 1099 Misc or Not?

MinhT1 — Thu, 30 Jan 2020 01:06:35 GMT

The extra money which you withdrew from your business is counted as withdrawals (from the profit of the business). It is not reported on your tax return. It is included in the net income (profit) of the business on which your tax is based. So you do not issue a form 1099-MISC or claim it as a business expenses.

Re: 1099 Misc or Not?

NewBsnssOwnr — Sat, 01 Feb 2020 21:03:08 GMT

Your answer arrived a day late, February 1st, I already mailed a 1099 Misc to the IRS since they had to be post marked by Jan 31st.

What kind of trouble will this cause?

Thank you for your reply.

Re: 1099 Misc or Not?

Critter — Sat, 01 Feb 2020 21:06:23 GMT

Ok ... your business ? Is it an S-corp ?

Re: 1099 Misc or Not?

NewBsnssOwnr — Sat, 01 Feb 2020 21:21:22 GMT

Sole Proprietor I took it over in April 2019.