Client will file Form 1065 where do you input Form 1099-NEC received payable to partnership

Forum|Forum|4 years ago
July 19, 2021
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PATAX

Level 12

If it is income of the partnership you enter it on the same line that you enter other similar partnership income...

qbteachmt

Level 15

You don't put the 1099-NEC anywhere; it is Informational. The revenue it reflects is part of all the operating revenue you would be reporting.

There are people who think you add up the 1099-NEC, but that is not how to know the operating income for the entity. The tax return is supposed to reflect all of the activities; not just those reported on the 1099-forms.

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PATAX

Level 12

Right you just combine it with the other income on the appropriate line

qbteachmt

Level 15

"Right you just combine it with the other income on the appropriate line"

The way I teach this, you should have already tracked all the revenue. This form is not Additional; it simply reflects that some condition between you and this client exists that meets the 1099-NEC reporting threshold reporting requirement. It should not need to be combined with anything.

Don't yell at us; we're volunteers

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