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I worked as a 1099 contractor under my company's EIN but the

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1099 was issued with my...
I worked as a 1099 contractor under my company's EIN but the 1099 was issued with my personal SS number. The funds were received into my company's bank account. The company I worked for will not reissue the 1099 at this point. Is there a way to report the wages on my 1040 and show the expense to my corporation?
JA: Thanks. Can you give me any more details about your issue?
Customer: just that the 1099 was issued under my Social Security number.
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 1 year ago.Category: Tax
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4/11/2016
Tax Professional: emc011075, Tax adviser replied 1 year ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,234
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you. How is your company organized? Single member LLC, corporation or partnership.
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Tax Professional: Anne, Master Tax Preparer replied 1 year ago
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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HiI'm Anne. I've been preparing taxes for 28 years and I'll be happy to help you. The making a profit 3 out of 5 years is really "the rule of thumb", but it is by no means written in stone. I have prepared many taxes where my client has not shown profit for 3 or more years, and none have been audited. What the IRS looks at, (and what I also convey to my clients) is HOW you are running your business. Did you advertise your company/services? Do you have a separate checking account, cc, etc that is used 100% for business (this is a big one, the IRS doesn't like business and personal funds to be "co mingled" ) Have you shown a profit in the past? Did you have extra expenses ? Is this just a paper loss (meaning that things like mileage and depreciation caused the loss, as opposed to say, selling items at less than what you purchased them for) It sounds like you have had some successful years where you made a profit, and if I were you, I would take every expense. In fact, we as tax preparers are REQUIRED to report all of your expenses related to your business, especially if you are able to claim the Earned Income Credit. So report your all of your income and expenses that you incurred in 2015. If this answer has been helpful to you, please take the moment to rate positive by clicking on the stars.It is ONLY through positive ratings that we are compensated for our time and knowledge. Thank you for choosing justanswer.
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Tax Professional: Anne, Master Tax Preparer replied 1 year ago
.
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Tax Professional: Anne, Master Tax Preparer replied 1 year ago
I apologize. My answer was obviously not for your question. I don't know how things got crossed, since I was looking at the other question when I typed the above. Please disregard this answer and I apologize for any confusion it created.
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Customer reply replied 1 year ago
did you get the clients questions switched? My question was about mis reported 1099. not hobby income?
again the 1099 was issued to my SS number. the work was preformed and paid to by my 1120 corporation. How do i report the 1099 on my personal taxes to match the 1099, yet pass the income to my 1120 corporation where it was received?
Tax Professional: Anne, Master Tax Preparer replied 1 year ago
Yes, my answer & your question did get crossed somehow. Again, I apologize for any confusion this caused you.
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Customer reply replied 1 year ago
ok, but can you respond to my question?
Tax Professional: Anne, Master Tax Preparer replied 1 year ago
Eva asked you the same question I would have. Please tell me how your company is organized.......
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Customer reply replied 1 year ago
i have an 1120 corporation
Tax Professional: Angie, Tax Preparer replied 1 year ago
Angie
Angie, Tax Preparer
Category: Tax
Satisfied Customers: 226
Experience: Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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Hi, I'm Angie...It appears that you have multiple experts attempting to assist you. Before I answer your question, i just want to make sure that I am not over-lapping on another expert. There is a simple way to take care of your problem, I am happy to share that with you, however first I want to make sure the other experts have completed their answers or opted out.
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Customer reply replied 1 year ago
thank you
Tax Professional: Angie, Tax Preparer replied 1 year ago
The other experts have both opted out. I will be happy to help you with your question.In order to correct this, you will need to report the 1099-misc on your tax return on Schedule C. Then you expense that entire amount in box 11 (Contract Labor) that will zero out the income for this. Since you are not required to issue 1099's to corporations, you will need to do nothing else on your personal return. On the 1120 for your corporation, you will need to make sure the total that appears on the form is included in the gross income reported. Fill out a new W-9 for the company that issued the 1099 with only your corporate information and submit that to them to prevent this from occurring next year. (However anything you have done from Jan 1 until this point may be reported the same way next year.) I hope this helps!
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Angie
Angie, Tax Preparer
Category: Tax
Satisfied Customers: 226
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Experience: Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.

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