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Best Answer Click here
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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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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?
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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.
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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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It is disregarded and has the entity ein .
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Yes I am doing a 1040. and the 1099 has the entity tax id number. the llc is disregarded.
Thanks for your help
