topic I received a 1099-INT under my name for a savings account intended to be for my business (sole owner of S corp). Should I report this on 1120S or 1040? in Business & farm

I received a 1099-INT under my name for a savings account intended to be for my business (sole owner of S corp). Should I report this on 1120S or 1040?

docinc17 — Tue, 04 Jun 2019 19:05:06 GMT

The savings account is an online based account that is linked with my business credit card account. For some reason, it appears that the credit card is tied with my S corp EIN, but my savings account is tied with my SSN, so the 1099-INT lists my personal information, including my SSN, and not my S corp information. The savings account is being used for business purposes only, not personal.

Since the 1099-INT came to your personal name and social...

WillK — Tue, 04 Jun 2019 19:05:08 GMT

Since the 1099-INT came to your personal name and social security, it will need to be reported on your personal return.

Thank you for your response. Will it send a red flag at a...

docinc17 — Tue, 04 Jun 2019 19:05:09 GMT

Thank you for your response. Will it send a red flag at all that the interest I received does not "match" my personal income (i.e. W2)? Almost is if I took the business income in the savings account as a distribution without reporting it?

If this could be a potential issue in the future, is it best to open a savings account that is strictly under the S corp name, or is this a moot point?

No, it won't. You should move the savings to the S-Corpor...

WillK — Tue, 04 Jun 2019 19:05:10 GMT

No, it won't. You should move the savings to the S-Corporation (EIN number) if that is what it is intended for. It is better you are reporting the 1099 on your personal than not at all since the IRS will be looking for it.