topic Re: Wife received 1099-MISC for LLC she was asked to establish to receive payment for speech pathology. Where do I enter? in Self employed

Wife received 1099-MISC for LLC she was asked to establish to receive payment for speech pathology. Where do I enter?

MrBean — Sat, 28 Mar 2020 14:07:39 GMT

My wife is a speech pathologist and was asked by her agency to create an LLC in New Jersey to receive payments. We established the LLC last year and she received her 1099-MISC. Do I enter this info under our personal return in the “Business Income” section? Or, need to do anything special with this LLC info?

Also, I believe she paid ~$100 to establish the LLC. I'm assuming I can deduct this?

Re: Wife received 1099-MISC for LLC she was asked to establish to receive payment for speech pathology. Where do I enter?

Anonymous_ — Sat, 28 Mar 2020 14:36:51 GMT

@MrBean wrote:

Do I enter this info under our personal return in the “Business Income” section?

Yes, it is self-employment income, since she is treated essentially as a sole proprietor, and the income is entered on Schedule C (assuming the LLC is a single-member LLC for which no election to be taxed as a corporation was made).

@MrBean wrote:
Also, I believe she paid ~$100 to establish the LLC. I'm assuming I can deduct this?

She can deduct that expense as Taxes and Licenses in the Other Common Business Expenses section as an organizational cost.

Re: Wife received 1099-MISC for LLC she was asked to establish to receive payment for speech pathology. Where do I enter?

MrBean — Sat, 28 Mar 2020 14:57:48 GMT

Thanks so much

and to confirm: we don’t need to enter the LLC # anywhere in TurboTax? I didn’t get a prompt to enter while inputting the 1099-misc

Re: Wife received 1099-MISC for LLC she was asked to establish to receive payment for speech pathology. Where do I enter?

Anonymous_ — Sat, 28 Mar 2020 15:13:13 GMT

@MrBean wrote:
and to confirm: we don’t need to enter the LLC # anywhere in TurboTax?

@MrBean No, but if she has an EIN for the LLC, you can enter that number. Otherwise, enter her SSN.