Allocating a 1099-K

Forum|Forum|6 years ago
April 18, 2020
6 replies
46 views

A client went from Sole Prop to LLC. In 2019. Her 1099-K combined all credit card transactions. Obviously cc charges were received in her bank account of the sole prop as well as later in the year in her LLC. 1099-k is issued to her LLC. EIN.

WHAT IS THE CORRECT WAY TO represent htis on her return

ProSeries Professional

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

What kind of LLC?

If its a single member thats disregarded for tax purposes, it all goes on the Sch C of the 1040 with the taxpayer SSN...so it doesnt really matter.

Or is this a multi member LLC, or one thats elected to be taxed a corporation and files a different enity return (1065, 1120s, etc)?

dkh

Level 15

Is this a single member LLC ? If yes, it's still reported on a Schedule C just add LLC name and EIN, report same as you would have if it was sole prop.

Just-Lisa-Now-

Answer

Intuit Community Champion

What kind of LLC?

If its a single member thats disregarded for tax purposes, it all goes on the Sch C of the 1040 with the taxpayer SSN...so it doesnt really matter.

Or is this a multi member LLC, or one thats elected to be taxed a corporation and files a different enity return (1065, 1120s, etc)?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

J

JudyBAuthor

Level 4

Thank you . One more question. Client received multiple1099-misc for payments and some were made by credit card, so there is duplicate income reported.

how should that be handled. I inherited this.

thanks

Just-Lisa-Now-

Intuit Community Champion

Im guessing they also got income that wasnt reported on either 1099K or 1099MISC so we cant just rely on these statements for business income....do you have bank statements or some kind of record of total income received?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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