I have 4.26786% ownership in an LLC with my family's farm. I received two 1099-MISC forms for the LLC as a whole, and have entered the necessary info into TurboTax. Now I am being taxed on the income of the entire LLC instead of my small ownership amount. How can I remedy this?
The LLC should have issued you a 1099-MISC for only your percentage share. You should request the LLC to provide you with a corrected 1099-MISC only showing your percentage share.
My dad just gave me a Schedule K-1 (Form 1065) for the same account. Would removing the 1099-MISC and adding the K-1 solve this problem as well?
You should not get a 1099-Misc if you are a partner in the LLC, you should get a K-1, so yes, removing the 1099's and adding the K-1 should have you properly reporting your income.