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I created a S corporation and I was issued a 1099 from one…

I created a...

I created a S corporation and I was issued a 1099 from one of my clients and I am not sure how to handle the 1099 should I prepare form 1120s and transfer the income to form 1040 I am so confused

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Yes I need to basically know how to handle this.

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3/26/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,421
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The client should not have issued a 1099-MISC to your S corporation.

Even so, simply add the income shown on the 1099-MISC to your other income for the S corporation. Make sure you do not duplicate the amount if you have already totaled your income from your bank statements.

Once you have completed the 1120S (entering income and expenses), a K-1 will be generated. The information on the K-1 gets entered on your personal tax return.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 3 months ago
Barb thank you where would this information go on the 1040??

Look at Line 17 of the 1040.

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But you have to complete Form 1120S first to get the K-1.

Then you complete your personal return.

An S corporation is a pass through entity, which means any profit/loss gets passed through to you as the shareholder.

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I see you have requested a phone call, but there appears to be a problem at your end.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,421
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
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The phone call request will still not go through.

Here's the number for customer service: (###) ###-####

I will call you as soon as it is resolved.

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Phone call session started

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For some reason, the call does not seem to going through.

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Customer reply replied 3 months ago
I am available now please call me at(###) ###-####Ext 403 I am waiting to hear from you.

It was a pleasure speaking with you.

Please let me know if I can assist you in the future.

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