1099 received with ssn # but is for company
can 1099 income be added to corporation return
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a7hpsaj0Kr346iacfA8pyY
03/03/10 8:56pm PST
Viewed by asker 03/03/10 10:03pm PST
Viewed by asker 03/03/10 10:03pm PST
2 Replies
Skylane
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03/03/10 9:56pm PST
Best Answer - Chosen by the Community
The short answer is no. The 1099misc income must be reported on the individuals schedule C (or the IRS will send a letter).
It sounds like we're talking about payments that were made to an individual that should have been made to a corporation. Did the client deposit the funds into his personal account or the corporations account?
If the money was deposited into the corporations account then you can make a schedule C reporting the income and a book entry expense for the same amount to the corporation. The corp. would then show it as income on the 1120.
If the money never made it from the individuals account to the corporations then the above still applies with the schedule C, but after your record the income on the corporations books you will have to show the money as a distribution to the owner in one fashion or another.
I'd rather be flying........
mojocpa
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Questions answered: 1927
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03/03/10 10:09pm PST
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I agree with the plane.
If my post did not answer your question, get a paid Intuit employee's answer for Lacerte questions at 800-933-9999. Oh, and enjoy the elevator music while you wait.
