Solved: I started an S type LLC mid-year 2016 but got income from previous job all year. How to enter income I received after 7/1 separate it from the 1099 income before the LLC
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I started an S type LLC mid-year 2016 but got income from previous job all year. How to enter income I received after 7/1 separate it from the 1099 income before the LLC

$ I earned after 7/1 was paid to me, not the LLC but I've deposited it into the LLC account and reported it as LLC income. But now I need to enter income into Home & Biz and need to NOT double report the income I've reported for the LLC S type

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I started an S type LLC mid-year 2016 but got income from previous job all year. How to enter income I received after 7/1 separate it from the 1099 income before the LLC

This can be resolved, but make sure for 2017 you provide the issuer of the 1099 with the information they need so it gets corrected.

First, determine the correct split and keep this worksheet with your records.  Next, to avoid a matching issue, report the full amount on your Schedule C.  Then on your Schedule C other expense line, show as an expense the amount of income attributable to the S corporation.  This will net to the correct figure.

Finally, report the applicable portion on your 1120S.

*A reminder that posts in a forum such as this do not constitute tax advice.*

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Highlighted
Level 10

I started an S type LLC mid-year 2016 but got income from previous job all year. How to enter income I received after 7/1 separate it from the 1099 income before the LLC

This can be resolved, but make sure for 2017 you provide the issuer of the 1099 with the information they need so it gets corrected.

First, determine the correct split and keep this worksheet with your records.  Next, to avoid a matching issue, report the full amount on your Schedule C.  Then on your Schedule C other expense line, show as an expense the amount of income attributable to the S corporation.  This will net to the correct figure.

Finally, report the applicable portion on your 1120S.

*A reminder that posts in a forum such as this do not constitute tax advice.*

View solution in original post

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New Member

I started an S type LLC mid-year 2016 but got income from previous job all year. How to enter income I received after 7/1 separate it from the 1099 income before the LLC

Thank you!  I really appreciate your help
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