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Do I issue Myself a 1099 as Sole Member of my LLC or Add Checks Deposited into Biz Chk Acct?

I'm a newly formed RE Brokerage (sole member LLC, Taxed as an S-Corp) -

Was I supposed to issue myself a 1099 for all income deposited into my LLC's biz checking acct in Jan? 

 

If not, how do I enter/attest to 'Business Income' for the Corporate Business Return that creates a K-1

Can I just run a 'credits report' for my time in business this year, from my Biz Chk Acct? 

 

FYI: I have myself set up on PAYROLL from the same LLC and I receive a W-2 for my PERSONAL return. 

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2 Replies
M-MTax
Level 11

Do I issue Myself a 1099 as Sole Member of my LLC or Add Checks Deposited into Biz Chk Acct?

You wouldn't have to issue a 1099 to yourself for a deposit.

Do I issue Myself a 1099 as Sole Member of my LLC or Add Checks Deposited into Biz Chk Acct?

Thanks for your response. 

 

I did some reading up on another site that answered it very clearly. 

 

I added my Business Checking Acct CREDITS since being a Real Estate Broker I don't have 1,000 credits! So I was able to finish that part up today.. actually all of it UNTIL.. 

 

I'm now stuck on 

HOW / WHERE TO ENTER VEHICLE DEPRECIATION - the bonus $8k + $12,200? (Just bought my new car in Oct. '23)  I'm lost till they open Monday so I can call?? 

 

Unless anyone knows? 

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