detaylorcpa
Level 3
02-18-2022
04:32 PM
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Has anyone ever had federal income tax withheld on LLC (royalty) income? How do you get the taxes back? is there a way to report it on the federal LLC return to get the refund? or pass-through to members for them to get credit on their returns? or have to get it back from the payer and have them correct 1099?
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sjrcpa
Level 15
02-18-2022
06:17 PM
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It gets reported as backup withholding on the K-1s. Line 15O.
The more I know the more I don’t know.
detaylorcpa
Level 3