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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13343
Experience:  15years with H & R Block. Divisional leader, Instructor
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Im trying to figure out if i should 1099 myself or 1099-div

Customer Question

im trying to figure out if i should 1099 myself or 1099-div from my LLC
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Submitted: 8 months ago.
Category: Tax
Expert:  Robin D. replied 8 months ago.
HelloIf this is a single member LLC then you report all the income and expenses on Schedule C. You should not issue yourself any 1099 of any kind.A single member LLC is disregarded which means it is not a separate entity for tax purposes. All the income is reported as the owner's income.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.
Expert:  Robin D. replied 8 months ago.
Checking to see if you responded
Customer: replied 8 months ago.
No our LLC has 3 members. 2 of them are investors and I myself is the active
Expert:  Robin D. replied 8 months ago.
If you have three members then this is a partnership.You each should receive a K1. The partnership will file a 1065 but the income passes to teh partners and is reported on the K1.https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Partnerships
Expert:  Robin D. replied 8 months ago.
Did that clarify your actions for the reporting?
Customer: replied 8 months ago.
For the last 3 years i've been issuing myself a 1099.. Is that bad?
Expert:  Robin D. replied 8 months ago.
Yes, that is not correct. You are going to need to correct all those filings. I would suggest you use a professional to assist you. Your business and personal returns will need to be corrected.I know rating takes an additional step and I truly appreciate it when you take the extra time!When you actively click on a rating and click submit, that lets Just Answer know you were assisted and credits me for the time.
Expert:  Robin D. replied 8 months ago.
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