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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2313
Experience:  IRS licensed Enrolled Agent and tax instructor
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I mistakenly received a 1099 instead of a K-1. What should I

Customer Question

Customer: I mistakenly received a 1099 instead of a K-1. What should I do?
JA: Thanks. Can you give me any more details about your issue?
Customer: I invested in a LLC that owns a commercial real estate loan. The LLC collects money from the borrower and then allocates it to the LLC members, in proportion to their ownership in the fund. The LLC engaged a mortgage servicing company as a payment agent to handle collections and disbursements. Unfortunately, the servicing company mistakenly issued 1099s to the members of the LLC to whom it was disbursing money.
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Submitted: 11 months ago.
Category: Tax
Expert:  emc011075 replied 11 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Unfortunately 1099 you received was also filed with IRS, so the only way to fix it is to contact the LLC and request corrected 1099 (with 0 income) and new K1. What type of 1099 your received (1099Misc, 1099B...)?

Expert:  emc011075 replied 11 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

Expert:  emc011075 replied 11 months ago.

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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