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Old 02-01-2019, 07:57 AM
 
Location: Citrus countyFL
416 posts, read 309,418 times
Reputation: 566

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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; 02-01-2019 at 08:07 AM..
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Old 02-02-2019, 07:54 AM
 
5,109 posts, read 3,403,072 times
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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 02-02-2019, 11:53 AM
 
1,285 posts, read 536,248 times
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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 02-02-2019, 01:15 PM
 
Location: Citrus countyFL
416 posts, read 309,418 times
Reputation: 566
It is a two member llc
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Old 02-02-2019, 01:39 PM
 
1,285 posts, read 536,248 times
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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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