Question

A partnership filed a final return for 2016. In 2017 the partnership received a small 1099. Can this income be reported on the individuals 1040 tax return for 2017?

Forum|Forum|7 years ago
June 5, 2019
1 reply
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The partnership was owned 100% by and individual and his pass thru LLC. Income from an insurance company dividend.

Employee

Yes, you may include this 1099 on your personal tax return. In a single-member LLC, the IRS considers the individual and the company to be the same tax entity. So any income that would have been reported by the LLC would now be your income.

In general, if a partnership ended in a prior year, any income received in the current year may be allocated according to the ownership percentages of the dissolved partnership.

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