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M
Mike3232
Level 4
March 13, 2024
Question

1065 LLC

  • March 13, 2024
  • 1 reply
  • 3 views

Client received 1099-NEC income in their name and SS# but this income was sent to their LLC name's bank account. LWhere is this income entered?  In the 1065 or the client's separate 1040/Sched C?  What about with an 1120S

 

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1 reply

sjrcpa
sjrcpa
Level 15
March 13, 2024

Sounds like it belongs on client's 1040 since he got the 1099.

I could deposit my paycheck in your bank account but that doesn't mean it's not my income.

The more I know the more I don’t know.
    M
    Mike3232Author
    Level 4
    March 13, 2024

    Guess I should clarify.   Income was sent to the LLC bank account, but not attributed to it's EIN

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    March 13, 2024

    Sounds like the partnership didnt fill out the W9 correctly, so the 1099 went to the wrong entity.  Have they contacted the issuer for a corrected document?

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