I received a 1099 Misc in my LLC's name. When I try to report this income under Business, TT asks me to associate this 1099 with either myself or my spouse. Why?

[ShahP]

I thought if I received a 1099 in my business's name, that I do not need to associate it with me personally and can file under the business's income. 

[SusanH · Accepted solution]

You will need to associate your business with either you or your spouse if yours is a single-member LLC and considered a 'disregarded entity' by the IRS. The IRS generally considers any income from a single member LLC to belong to the single-member of the LLC when it is reported on a Schedule C under Business Income.

If yours is not a single-member LLC that you should first be filing your business return as appropriate (C-Corp, S-Corp, Partnership etc) and then report your portion of the LLC earnings on your personal return via the K-1 issued to you by the LLC.