Author Topic: A single member LLC receives a 1099-INT, where to report it?  (Read 1165 times)

SilverAg47

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A single member LLC receives a 1099-INT, where to report it?
« on: February 08, 2020, 05:13:50 AM »
Let's say a single member LLC does a business bank bonus and receives a 1099-INT referencing their EIN. Where would this income get reported?

In researching this, both of the following answers were given from the Turbo Tax community...

Report it on Sch C: https://ttlc.intuit.com/community/taxes/discussion/how-to-report-1099-int-interest-income-received-by-an-llc-taxed-as-a-disregarded-entity/00/425653

Report it on Sch B: https://ttlc.intuit.com/community/business-taxes/discussion/if-i-receive-a-1099-int-in-the-name-of-my-llc-and-in-my-llc-s-ein-should-i-report-this-as-business/00/446353
« Last Edit: February 08, 2020, 06:33:54 AM by SilverAg47 »

SeattleCPA

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Re: A single member LLC receives a 1099-INT, where to report it?
« Reply #1 on: February 08, 2020, 11:13:58 AM »
You ignore the LLC... which means you report the interest income on the "usual" interest income schedule, Schedule B.

SilverAg47

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Re: A single member LLC receives a 1099-INT, where to report it?
« Reply #2 on: February 08, 2020, 11:20:54 AM »
You ignore the LLC... which means you report the interest income on the "usual" interest income schedule, Schedule B.

Thanks!

katsiki

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Re: A single member LLC receives a 1099-INT, where to report it?
« Reply #3 on: February 08, 2020, 05:02:39 PM »
Thanks @SilverAg47 and @SeattleCPA

I had this happen for the first time this year as well.

 

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