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Question

Deposit single sum retirement benefit into DBA bank account

Forum|Forum|5 years ago
September 19, 2020
1 reply
0 views

I would like to deposit a single sum retirement benefit into a DBA (Doing Business As) bank account. Is there any tax difference from depositing this check into my personal account? It will be on the Schedule C and then all personal & DBA income will be taxed on the 1040 as ordinary income. Am I missing anything? (I was born after 1936 and the amount is less then $10K.)

Not A Product Question

Employee

Where is it coming from? If it is from a retirement plan you will get a 1099R for it and you can put it anywhere you want. A 1099R will probably be 100% taxable. It doesn't matter what you do with it. How will it be on your schedule C? As income or an expense? The deposit won't go on schedule C but you can expense anything you buy with it for your business.