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jkamyiu
Returning Member

Do I need to send two separate 1099-MISC forms if I incorporated in the middle of the year?

Last year, I operated my company as an LLC until April, where I then incorporated into S-Corp. Therefore, I have two different TINs the last year.

 

For each subcontractor, do I need to file two separate 1099-MISC forms, where one includes my previous TIN and amount paid while as a LLC, and another one with my new TIN and amount paid as an S-Corp?

 

Or can I just file everything under my current TIN and lump everything together for the year?

 

Thanks,

John

2 Replies
BarbaraW22
Expert Alumni

Do I need to send two separate 1099-MISC forms if I incorporated in the middle of the year?

If the IRS accepted your S-Corporation election on January 1, then you would be able to report the payments to subcontractors on Form 1099-Misc using the identification number from your S-corporation. Otherwise, you will need to have two separate 1099-Misc Forms: one for amounts paid to subcontractors while your business was an LLC and one for amounts paid when your business became an S-Corporation. This is because each business entity reports its income and expenses on a separate tax form.

 

If the LLC was a one-member LLC, the income and expenses are reported on Schedule C of your individual tax return. Whereas the income and expenses from the S-Corporation must be reported on Form 1120-S. Then, each shareholder of the S-Corp will receive a K-1 that reports his or her share of the net income (loss) from the S-Corp to be reported on their individual tax returns. 

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jkamyiu
Returning Member

Do I need to send two separate 1099-MISC forms if I incorporated in the middle of the year?

Thank you. Very helpful!

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