Single Proprietor LLC and 1099-NEC Question

Forum|Forum|3 years ago
March 7, 2023
2 replies
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My new LLC has it's own EIN. Income is passed directly to me. I received a 1099-NEC which was 100% of the income for the LLC, and it used the EIN. I completed the LLC info in TurboTax including the EIN and the 1099 NEC. The income flowed to a Schedule C but used my SS number not the LLC's EIN. Is this correct?

MonikaK1

If your business uses an EIN, you should enter it in TurboTax. You can change the ID number for your Schedule C to show the EIN by returning to your Schedule C in Self-Employed income and expenses, clicking Edit, and selecting General to edit the business profile information. The EIN item appears under Payments and Identification. Click Edit under "no EIN" to enter the EIN.

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Carl11_2

Employee

You're fine. When you applied for your EIN from the IRS, you had to supply your SSN to the IRS. So the IRS already knows the EIN and SSN belong to one and the same person.

If you registered your businses with the state, you had to supply your SSN and EIN to the state also. Therefore if state taxes are required to be filed, you're still fine on that front.