Reporting 1099 info

Tiffany91 · ‎February 28, 2024

I have a SMLLC and received a few 1099-NEC forms for 2023. I keep track of my income in QBO so for my taxes, I've included all revenue I've made for the business. Is there anything I need to do with the 1099-NEC forms or do I just keep those on hand in case I get audited?

RobertB4444 · ‎February 28, 2024

Exactly. They are just a portion of your income. The IRS knows about that portion so when they're looking at your return they expect to see an amount of income equal to or greater than the 1099s.

@Tiffany91

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Reporting 1099 info