1099-NEC on 1120S?

Forum|Forum|2 years ago
February 26, 2024
1 reply
0 views

Where do you enter the income from 1099-NEC on TurboTax Live Business 2023?

I don't see a spot to enter specifically 1099-NEC income?

Best answer by KrisD15

You would have to select UPDATE for "Sales and Service Receipts" under "Items You Can Skip" and enter it there.

DavidD66

There is no place to enter it in an S-Corp return because there is no requirement to send a 1099-MISC form to a corporation. This rule includes both C corporations and S corporations. and an LLC that has elected S corporation or C corporation status. If the amount reported on the 1099-NEC is included with your other income/receipts, you can just ignore the form. If you want to list separately, you can add a line item for it on the Enter Sales Information screen where you enter your business income.

If the 1099-NEC was issued to you personally, you might want to report it on your personal return. You can report it on Schedule C, and add an expense for the same amount so that your Schedule C show net income of zero. If it was issued to you and you don't report it, you are likely to get a letter from the IRS about income reported to them, that isn't on your (personal) tax return. If it was issued to the business you don't need to worry about that.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

savvydealfinderAuthor

Yes there was originally confusion about this.

It was issued to my SSN first, then voided, then re-isssued to my EIN so I need to report it on my business return now that it has my EIN number on it, I just wasn't sure the "appropriate" place to put this information as there was technically nowhere for it to go and all of the "income" options didn't seem like they would be correct as this would be the only income the business will be reporting.

I just wanted to make sure the income was being reported correctly on the business part of it.

I do not see a "Enter Sales Information" screen on TurboTax Live Business 2023?

See attached screenshot of the income options available.