Where do I enter income received on 1099-NEC on form 1065 for Partnership LLC?

Forum|Forum|5 years ago
March 1, 2021
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My Partnership LLC received several 1099-NEC forms reporting compensation for this Partnership LLC. I am filing form 1065 for the LLC. Where do I report this 1099-NEC income? Is it reported as "Other Income"? Thanks in advance.

MAK70

You would enter the 1099-NEC as Sales of Product or Service Receipts if it is for services rendered. Other business income includes discounts earned, refunds of insurance premiums, or rebates.

If payment for services you provided is listed on Form 1099-NEC, you are being treated as a self-employed worker or independent contractor. Please verify that this is NOT included in the gross receipts total. If it is, this information is already included in your gross receipts total.

MrsGrizzAuthor

Thanks for your reply. On IRS Form 1065 I don't see a separate line "Sales of Product or Service Receipts" that you suggested. On Form 1065, line 1a is "Gross receipts or sales." Is that where I enter the 1099-NEC - along with all other income? I understand I would not "double count" the NEC income if it is all included on 1a "Gross receipts or sales". Thanks again.

DianeW777

Yes, enter the amount shown on your Form 1099-NEC along with all other income from the partnership business. That is where it should be included on the tax return.

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