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1099-misc income paid to my LLC Federal

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  • 1099-misc income paid to my LLC Federal

    I am a member of an LLC which did subcontracting work for a local home builder, who in turn listed it as 1099-Misc "non employee compensation". My question is, where on the form 1065 do I list the income? Do I just file the 1099 and add it to gross receipts? Do I include the 1099 with the return?

    Next, question: The LLC payed another sub-contractor for work completed and cannot figure out where to put that expense on the form 1065.

    Your help is greatly appreciated.
    Regards,
    Justin

  • #2
    Originally posted by Kodakmak View Post
    I am a member of an LLC which did subcontracting work for a local home builder, who in turn listed it as 1099-Misc "non employee compensation". My question is, where on the form 1065 do I list the income? Do I just file the 1099 and add it to gross receipts? Do I include the 1099 with the return?

    Next, question: The LLC payed another sub-contractor for work completed and cannot figure out where to put that expense on the form 1065.

    Your help is greatly appreciated.
    Regards,
    Justin
    Justin, if you have to ask questions this basic, you should not be preparing the 1065 yourself. Seriously, a 1065 is not a simple form, and the room for error is huge.

    It doesn't have to cost you an arm and a leg to get professional tax help. Call around to local tax offices and ask their rates for filing partnership returns.

    Also, is there any chance that you are a single member LLC? If so, you shouldn't be filing a 1065, you should simply be filing a schedule C.

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    • #3
      Thanks, LdiJ.
      I am not filling it out myself, per se. I am using Taxcut's Home and Business. I hadn't planned on filing myself, and even had a tax professional lined up. But, after I changed my business to an LLC, my health took a nose-dive. I barely cleared $18,000 in sales last year, and now I am filing for disability. I need to file this year and dissolve the LLC.
      The LLC has two managing members. (which I am 49% owner and my partner is 51%) I had been using the personal version of taxcut for 15 years with no trouble, but the business version is a little less self-explanatory. But I think that I figured out what to do. |I entered the total from 1099's (income) into line 1a and the total from 1099's (contract labor COSTS) into line 20 "other deductions). which gives me line 22 "Ordinary business income".
      Hope that is right. Not a lot of income or expenses.
      Thanks again for the advice,
      Justin

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