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I have a 2 member LLC and also received a 1099 Misc in my name

I have a 2 member LLC and received a 1099 Misc in my name.

 

Can I use the 1099 Misc as LLC income? 

 

The LLC has losses from previous year.  How can I claim this income to minimize my taxes this year?

1 Comment
TurboTax Specialist

I have a 2 member LLC and also received a 1099 Misc in my name

If the 1099-MISC is made out to you with your Social Security number, the IRS is going to expect a Schedule C from you. 

 

There is some debate as to whether or not you can reassign income from yourself to your LLC, but in general, I believe that not doing this is safer. See the related answer here at the TurboTax Community and especially note the link between the discussion between two superusers in the comments.

 

As for your LLC loss, how you handle it depends on whether your LLC is taxed as a partnership (1065), corporation (1120 or 1120S), or as a disregarded entity (possible if the two owners are married and live in a community property state).