How to report a 1099 Div and associate it with a pass through LLC Business

Forum|Forum|2 years ago
March 10, 2024
2 replies
17 views

There seems to be no way of associating a 1099 Div to a business. How do I do it?

ProSeries Professional

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Best answer by sjrcpa

You're skimpy on details.

Are you doing a 1040? And The taxpayer has a SMLLC which has an investment account in its name?

If so, the SMLLC is disregarded. Enter the 1099-DIV just as you would if it was in the taxpayer's name.

If I guessed wrong on the facts, please elaborate.

dascpa

Level 11

Go to the Schedule K worksheet. You'll see lines for data entry for dividends, qualified dividends, etc. There are some items that need special entries elsewhere - foreign taxes, capital gain distributions, etc.

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isabel1Author

Level 2

This is a pass through . I was hoping to do it on the individuals tax return and filing a business as a llc. If I use the schedule k worksheet wouldn’t that necessitate me filing the llc as a separate entity outside the personal return?

sjrcpaAnswer

Level 15

You're skimpy on details.

Are you doing a 1040? And The taxpayer has a SMLLC which has an investment account in its name?

If so, the SMLLC is disregarded. Enter the 1099-DIV just as you would if it was in the taxpayer's name.

If I guessed wrong on the facts, please elaborate.

The more I know the more I don’t know.

qbteachmt

Level 15

Is the LLC "pass through" or "disregarded?"

That's the difference. The business doesn't matter. The Entity type matters; which tax form(s) and/or schedule are you working on? Also, it would help to know if that 1099-Div is for the taxpayer's SSN, or the Entity EIN.

Don't yell at us; we're volunteers

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isabel1Author

Level 2

It is disregarded and has the entity ein .

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