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Level 2
posted Apr 17, 2024 3:00:16 PM

I have 2 investment accounts, one personal and one tied to my LLC. THe TUrboTax tool will let me fill out Schedule C but there is no way to say that the 1099 is LLC?

TurboTax should allow a user to say this 1099 is for Schedule C

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1 Best answer
Level 2
Apr 18, 2024 1:35:14 PM

That is what I do today,  No issues yet.  Trubo Tax should fix.

4 Replies
Expert Alumni
Apr 18, 2024 6:58:21 AM

You probably don't really want your investment (passive) income on your Schedule C as that gets self-employment taxes applied.  The income needs to go to the correct Schedule to be taxed correctly.  

 

Having said that, if you wish to label an income source on Schedule B you can.  When entering the account form (1099-DIV or 1099-INT for example) in the "Received from" box you can enter information to ID the source for information purposes.  For example, for a 1099-INT from Wells Fargo that is an LLC account you could type in "Wells Fargo (LLC)" or your business name/nickname/abbrev.  

Level 2
Apr 18, 2024 8:37:22 AM

Thank you.  Yes, I have to pay SE tax but there is a major tax advantage for other reasons, that is why it was set up.  Maybe I can re-phrase the question:  If an 1099 applies to schedule C, does the ID marking move the information from personal income to schedule C?  It needs to transfer DIV, INT, gains, foreign taxes paid, etc. to suitable lines in schedule C. 

Expert Alumni
Apr 18, 2024 1:32:18 PM

No.  There is not a way to enter those income sources in their correct schedule and have them apply to Schedule C.  You can however enter the information in the "Income" section of your Schedule C.  Select the "Uncommon Income" radial and on the next page you can list the forms and amounts. 

 

Those amounts will then become self-employment income subject to self-employment taxes on your Schedule C.

Level 2
Apr 18, 2024 1:35:14 PM

That is what I do today,  No issues yet.  Trubo Tax should fix.