Question

1099 NEC

Forum|Forum|4 years ago
March 6, 2022
3 replies
0 views

We have a S corp. And received a 1099NEC from one client.

In TurboTax Business, I put the amount of 1099NEC into total income.

When I use TurboTax home and Business to file personal tax, asked me again if I have 1099NEC. I really have. So looks like for me, if I put the amount of 1099NEC, that amount of money will pay double tax

How to handle it, need help!

Thank you!

TurboTax Home & Biz Windows

Z

ZoltanB45

The 1099-NEC was issued to your entity so you do not have a 1099-NEC. That income is already included in your schedule E via the K-1 from your 1120S return.

D

dmertz

Employee

If the Form 1099-NEC shows your S-corp's EIN, it goes only on the S-corp's tax return. However, a business typically would not issue a Form 1099-NEC to an S-corp, so this seems to suggest that you gave the payer your SSN rather than the S-corp's EIN, implying that they contracted was with you, not with the S-corp, making this income from self employment rather that income to the S-corp.

Z

ZoltanB45

S Corps do get 1099's..realtors get it although the company does not need to issue it.

AliciaP1

If you have reported the 1099-NEC as income on your 1120S you should not enter it again on your personal return. If the IRS inquires as to if your 1099-NEC was reported, you will just respond with the information regarding adding it into the business income appropriately.

@yu2liu

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