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1065 LLC

Mike3232
Level 3

Client received 1099-NEC income in their name and SS# but this income was sent to their LLC name's bank account. LWhere is this income entered?  In the 1065 or the client's separate 1040/Sched C?  What about with an 1120S

 

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3 Comments 3
sjrcpa
Level 15

Sounds like it belongs on client's 1040 since he got the 1099.

I could deposit my paycheck in your bank account but that doesn't mean it's not my income.


Ex-AllStar
Mike3232
Level 3

Guess I should clarify.   Income was sent to the LLC bank account, but not attributed to it's EIN

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Just-Lisa-Now-
Level 15
Level 15

Sounds like the partnership didnt fill out the W9 correctly, so the 1099 went to the wrong entity.  Have they contacted the issuer for a corrected document?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪