change form 10099 to w2 for last year

To clarify, what do you mean by filing separately? 

 

1. Are you a single member LLC that issues yourself a W2? 
2. What is Gusto Services? Is this the name of your company or something else entirely?
3. You mentioned  "we" last year but this year it's you. Are you part of a bigger organization?

yes that's correct last year we used gusto and now gusto has me and my employees as w2's

Gusto is:  Full-Service Payroll — Get full-service payroll, automatic tax calculations, and compliance help with Gusto

 

I am just a single member llc

I have 1 1099 source of income to me to.  (not the company)

 

I was told I might be a schedule k? But am not sure?

 

I think that you are saying that you have a Scorp which would record business income and expense on IRS form 1120-S?

 

If so, in 2023, the Scorp used a service to prepare W-2's for yourself as an officer/owner and for others as the Scorp employees.

 

An IRS from 1120-S will generate an IRS Schedule K-1 to report income, gains, losses that would be issued to you as the sole owner.

 

You would also file an IRS form 1040 income tax return and you would report the income from:

 

• the W-2 issued by the Scorp,
• the IRS Schedule K-1 (1120-S) issued by the Scorp, and
• the 1099 that you refer to above.

If the above is correct, have you made arrangements with a tax professional to prepare these forms for you?  You may have already had a tax professional assist you with the Scorp election.

 

Please clarify.

 

@rzmuda 

 

I found this so a single member llc is different:

 

So the main difference is with a single-member LLC, only the business owner can report business profit/loss on their personal taxes, whereas in an S-Corp, all shareholders can. When starting a small business, many entrepreneurs end up deciding between two types of business entities—LLC vs. S-corp.

 

I am verifying now from gusto to see if have changed me to an s corp by using them If not I am still a single member llc

 

Ryan