1099-misc

Forum|Forum|3 years ago
February 4, 2023
1 reply
7 views

1099-misc is issued by our rental property managers. our LLC is listed as the recipient. the rental property is owned by our LLC and that is jointly owned by me and my spouse. However, turbotax asks me to choose if the rental income is for only me or my only spouse. That's the definition of confusing!

AliciaP1

Level 13

You do not have to enter the 1099-MISC specifically as long as you include the income reported in your total LLC income.

To change or add income to self-employment work you have already started you can follow these directions:

Open or continue your return in TurboTax
Search for self employed income (use this exact phrase, don't add a hyphen) and select the Jump to link at the top of the search results
Answer Yes on the Did you have any self-employment income or expenses? screen
- If you land on the Your 2022 self-employed work summary page, select Review next to the work you're adding income for
Answer the questions on the following screens until you arrive at Let's enter the income for your work
Scroll down to the Income section and click Add income for this work
Choose Other self-employed income and Continue
Here you can enter your total LLC income or any income not already entered via a specific form

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Critter-3

Level 15

If this should go on the Sch E for rental income do NOT enter the 1099 directly in the 1099 entry section ... instead simply include that amount as rental income in the rental income section. Do NOT enter it as Sch C income. If your LLC is set up as a partnership (multimember LLC) then you need to file the partnership return form 1065 FIRST then the K-1 forms it produces go to your personal form 1040.