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Nov 1, 2024 5:37 PM UTC
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Personal 1099-INT and LLC

If I have a 1099-INT that reports on my personal SSN, can I claim the interest on my LLC 1065 Tax return that has it's own EIN instead of my personal return?

FishingForAnswers
Nov 1, 2024 6:18 PM UTC

@Blue Lake Properties  Well, I'm sure the IRS wouldn't necessarily stop you from adding extra income to your Partnership, but they will definitely insist on you claiming it on your personal income tax return regardless.

 

That is, if the 1099-INT is associated with your social security number, the IRS will be looking for it on your personal income tax return, no matter where else you claim it.

 

The entire purpose of the listed tax ID on tax forms like that is for the IRS to know who needs to claim which income on their income taxes.

1 reply

FishingForAnswers
Nov 1, 2024 6:18 PM UTC

@Blue Lake Properties  Well, I'm sure the IRS wouldn't necessarily stop you from adding extra income to your Partnership, but they will definitely insist on you claiming it on your personal income tax return regardless.

 

That is, if the 1099-INT is associated with your social security number, the IRS will be looking for it on your personal income tax return, no matter where else you claim it.

 

The entire purpose of the listed tax ID on tax forms like that is for the IRS to know who needs to claim which income on their income taxes.