Question

How to file a 1099-k That was issued to a Business

Forum|Forum|3 years ago
February 28, 2023
1 reply
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My wife had a business account on venmo that she collected payments for self employment. She was issued a 1099-k in the name of the business, with the business EIN. Do I file this with my regular tax return? Or does the partnership need to file it's own tax return?

V

Vanessa A

If your wife has a partnership, the partnership needs to file form 1065. This is done using TurboTax Business (NOT Home and Business) All income and expenses are reported on the 1065. The partnership does not pay taxes, it is a flow through entity. A K-1 will be generated for the partners from the 1065.

You cannot enter partnership income on your personal return without it flowing through the 1065 partnership return.

If it was just her in the business, then you would enter the 1099-K and other income and expenses on Schedule C on your personal return.

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