Question

S Corp 1099

Forum|Forum|4 years ago
March 9, 2022
1 reply
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So I have an S Corp. Some work was completed for another company of whom work was also done for prior to incorporating. This company has issued a 1099-NEC to me for work completed after incorporation. They were provided the corporation details, however, they issued the 1099 with my individual name and SSN as opposed to my business name and TIN. Is this something that I need to get corrected or because I am a single shareholder can I use the 1099 as is for the S Corp taxes-1120S?

Any help is greatly appreciated. Thank you.

TurboTax Business Windows

T

ThomasM125

It would be best if you could get a corrected form 1099-NEC showing the corporation ID number on it, but the company that issued it may not agree to do that since it would be a lot of work.

If they won't correct the 1099-NEC form, It would be best to report the income listed on the form 1099-NEC as self-employment income on your tax return. Otherwise, the IRS will look for the income to be reported on a schedule C on your tax return and you may get a notice assessing additional tax.

If you choose to report the income under the S corporation, and you do get a notice assessing additional tax, you can write the IRS and explain what happened and they will normally rescind the additional tax due.

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