Question

How do I add 1099 nec to schedule k-1

Forum|Forum|3 years ago
February 4, 2023
1 reply
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I have a schedule k-1 and 1099 nec but they are the same info

TurboTax Self Employed Online

If you received a Schedule K-1 from a partnership or S-Corporation that you have ownership in, you should not have received a 1099-NEC. You need to contact the business and let them know to void the 1099.

See What is a Schedule K-1 Tax Form? to see how the K-1 gives you all the information about your income from the business.

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P

pj4470

I have a single member LLC, filed as a Sub-S. I provide consulting services to other business. I receive a 1099-NEC from these businesses. When the tax professional does my business taxes they provide me with an 1120-S and Schedule K-1. Should I enter both the 1099-NEC AND the Schedule K-1 info into Turbo Tax?

DaveF1006

Yes, you will need to enter these into the Turbo Business product since you are structured as an S-Corp. To enter the 1099 NEC, the income will be reported under Business income>service receipts. This is income that the S-Corp is receiving.

If you look further down in the screen, here will be a section to enter the K1 as well.

@pj4470

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