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Do I issue myself a 1099? IT Contractor. Vendors paid me directly Funds went into a biz account.

I started the company in 2021. I was the primary contracted technician. Vendors paid me, not the company. Funds were deposited into company account then I would transfer to personal account. Do I issue myself a 1099?
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3 Replies

Do I issue myself a 1099? IT Contractor. Vendors paid me directly Funds went into a biz account.

No.

if you want to get 1099's in business name you'll need to get an EIN. this is advisable so you can keep your SSN private.  you would then need to give the vendors a w-9 using the EIN

 

https://www.irs.gov/pub/irs-pdf/fw9.pdf 

if you do this expect two 1099s from vendors - one using your SSN and the other the EIN

 

Carl
Level 15

Do I issue myself a 1099? IT Contractor. Vendors paid me directly Funds went into a biz account.

If your business is a sole proprietorship or single member LLC that reports business income/expenses on SCH C as a part of your personal 1040 tax return, then under no circumstances will you issue yourself any type of tax reporting document. There are no exceptions to this.

 

Do I issue myself a 1099? IT Contractor. Vendors paid me directly Funds went into a biz account.

Actually you can just enter it as Other self employment income or as Cash or General income.  You should be keeping your own records.  You don't need to get a 1099NEC or 1099Misc or 1099K.  Even if you did you can enter all your income as Cash.  Only the total goes to schedule C.

 

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

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