2 Separate Sch. C

Forum|Forum|1 year ago
August 28, 2024
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Independent truck driver, paid 1099, have a month worth that was paid to me personally before my LLC was created. Now it is paid to my LLC. Will I need two separate Sch. Cs when I file taxes, one for me covering the month prior to LLC formation and then another for my LLC after it's formation date?

SwapnaM

Are you a Single member LLC? If yes, then it does not matter if you receive a 1099-NEC in your personal name. You can enter both under the same SCH C or your business.

If yours is not a single-member LLC, then you should first be filing your business return as appropriate (C-Corp, S-Corp, Partnership, etc.) and then report your portion of the LLC earnings on your personal return via the K-1 issued to you by the LLC.

@Rockstar Dispatch Thank You for the question!!

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Rockstar DispatchAuthor

Yes it is a single member LLC, so it's ok to do all the income and expenses occurred in personal name for the month or so before the actual formation date of the LLC all under the one Sch. C for the business?

SwapnaM

@Rockstar Dispatch Yes, that is correct as it is a single member LLC. Did you apply for EIN for your LLC? If yes, then make sure to report the LLC name as Business name & the EIN number as well on the Sch C. Only 1 Sch C will be required & include the income & expenses incurred under your personal name under this Sch C.

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