how do i report part of the 1099 income to a corporation?

Question

I received 1099 under my personal ss#; but, I need to report part of it to my s-corporation.

Answer 1

Taxmanny is right on point....give him the 10 spot, yo!

Answer 2

corporations do not get 1099's. You could report on your sch c a payment to the s corp and then claim the income on the 1120S. The net effect will be that you won't have the self employment tax on the s-corp income. However, be aware that you should be paying yourself a salary and withholding taxes. If you aren't, and the IRS audits you, you will get slammed hard. The FICA/Medicare issue is huge with the IRS and a VERY hot audit issue. So tread carefully in this area.

Answer 3

you can use spot's suggestion. if the payor won't re-issue the 1099 and you can support that the income did in fact belong to your s-corp, then you could report the income on your personal return (so the irs can match the 1099), then report a negative income item for an offsetting amount. the negative income item should be called "received as nominee for (s corp name) EIN xx-xxxxxxx". Then report the income on the s corp's return.

Answer 4

If the income was paid to you, and reported on a 1099, you cant have it transferred to your S-corp. If your income exceeds the SSI maximum, the point is moot anyway, since the tax rate will be the same for you personally either way.

Answer 5

I think the easiest and surest thing to do is to call the party that issued you 1099 and ask them to issue a corrected 1099. They can give you 1099s which says "correction".