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New Member
posted Jun 7, 2019 3:05:26 PM

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?

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. 

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1 Best answer
New Member
Jun 7, 2019 3:05:26 PM

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.

1 Replies
New Member
Jun 7, 2019 3:05:26 PM

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.