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Level 3
posted Jan 28, 2023 7:33:24 PM

Is it necessary to list all 1099s

I'm filing a 1065 return, we receive 1099-NEC statements from our larger business vendors, however, there is a significant portion of income that falls under the $600 radar, so no 1099-NEC is anticipated.  If for example, we have ten 1099-NECs totaling $20,000 and our total revenue earned is $40,000 do I need to list all 10 1099NECs on my 1065 return or can I report $40,000 as general revenue and not list the 1099NECs?

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1 Best answer
Expert Alumni
Jan 30, 2023 6:56:31 AM

No, you don't have to list every 1099-NEC that you receive as long as the total amount of income is reported on your return. You do need to retain the forms as part of your tax records.

1 Replies
Expert Alumni
Jan 30, 2023 6:56:31 AM

No, you don't have to list every 1099-NEC that you receive as long as the total amount of income is reported on your return. You do need to retain the forms as part of your tax records.