Solved: Owner of single-member LLC issued 1099 to self
cancel
Showing results for 
Search instead for 
Did you mean: 
kiyokomccrae
Level 1

Owner of single-member LLC issued 1099 to self

I own a single-member LLC and pay myself (not a salary). I issued a 1099 to myself and filed to IRS. I realize now that this is not the correct way to do things. Any advice for what I do now? Are the payments to myself considered partner distributions?

1 Best answer

Accepted Solutions
tagteam
Level 15

Owner of single-member LLC issued 1099 to self

Any payments to you from your single-member LLC would be considered a "draw"; they would not be considered "partner distributions" (you have no partner).

 

Provided you report the income you received from operations on your individual income tax return (Schedule C), there should be no issues.

 

View solution in original post

1 Reply
tagteam
Level 15

Owner of single-member LLC issued 1099 to self

Any payments to you from your single-member LLC would be considered a "draw"; they would not be considered "partner distributions" (you have no partner).

 

Provided you report the income you received from operations on your individual income tax return (Schedule C), there should be no issues.

 

View solution in original post

v
Privacy Settings