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Old Yesterday, 08:57 AM
 
Location: Citrus countyFL
330 posts, read 230,141 times
Reputation: 442

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I own an insurance agency. and get 1099s from several different companies. But one or two of the companies are still making the 1099 forms out in my Social Securty number, instead of the EIN for my LLC.

How does this work? Can I still claim the income through the LLC on the (think its called) the K-1 form? Or does it need to be separate?

If it needs to be claimed on my personal (I believe its call) Schedule-C, can I still get the tax benefits of the income running through my LLC?

All of the income did actually run through the LLC.

Also, how does this affect my business partner? I only own 50% of the LLC, he owns the other 50%

Last edited by RedneckRebel; Yesterday at 09:07 AM..
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Old Today, 08:54 AM
 
3,502 posts, read 2,495,505 times
Reputation: 6201
If the 1099s should truly be included in your LLC company income and not you personally, I would contact those companies and ask for a corrected 1099.
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Old Today, 12:53 PM
 
443 posts, read 132,572 times
Reputation: 1054
If you are a single member LLC, then I don't think it matters from the standpoint of the IRS.
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Old Today, 02:15 PM
 
Location: Citrus countyFL
330 posts, read 230,141 times
Reputation: 442
It is a two member llc
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Old Today, 02:39 PM
 
443 posts, read 132,572 times
Reputation: 1054
Quote:
Originally Posted by RedneckRebel View Post
It is a two member llc
If the other member is your spouse, then I believe it is still okay. Otherwise you should request amended 1099 forms, and make sure to provide an updated W-9.
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