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I received a 1099 to me personally for money already reported inside of an LLC partnership. The money was paid to the LLC and reported as income. How do I not pay double tax on this? I don't want to leave it off my personal taxes and trigger an inquiry etc?
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If the 1099-MISC income was already reported on your LLC return and flowed through to your personal return, then you can take care of the personally issued 1099-MISC by doing the following:
Enter the 1099-MISC in the Less Common Income/Miscellaneous Income section. This will take care of the reporting and match the IRS records.
Then make another entry in the same section, same amount but as a negative number. This will result in a net 0 effect for you.
Thank you PaulaM. I don't see anywhere in the "Less Common/Income section to enter a 1099-MIsc?
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