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ShahP
New Member

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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SusanH
New Member

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?

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.

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SusanH
New Member

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?

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.

View solution in original post

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