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New Member
posted Mar 5, 2024 7:22:08 PM

1099c vs K1

I have an Scorp and have filed the business taxes for it.  I have my own personal K-1 from it.  The company that paid mine sent us a 1099c (which was included in my business taxes).  Do i report it on my personal taxes or do I just input the values from my K-1 as it should be included in that. 

0 3 480
3 Replies
Expert Alumni
Mar 7, 2024 11:18:10 AM

Please clarify if you received Form 1099-C for the cancellation of debt after you filed your S-Corp return.

New Member
Mar 7, 2024 11:29:52 AM

We received it before and reported it on the s-corp return

Expert Alumni
Mar 7, 2024 12:53:45 PM

The income from Form 1099-C should have been reported to you on Schedule K-1 Line 10. Any information relating to the deferral or exclusion of income will be reported on Line 17 as Other Information. TurboTax should include this in your gross income on Schedule 1 with your Form 1040 return. You should not need to make any other entries.