Discussion:S corp Interest reported to 100% shareholder 1099
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Discussion Forum Index --> Tax Questions --> S corp Interest reported to 100% shareholder 1099
Figuringitout (talk|edits) said: | 28 March 2006 |
| A portion of interest reported to a 100% sole S corp shareholder should be allocated to S Corp as the owner deposited amounts in account to accumulate interest which I allocated proper amounts to company and posted entry into ledger.
How important is it that the indiv 1040 interest amounts tie to the 1099's issued. The total interest combined with the k1 interest from S corp. equals the total from combined 1099's. I like to have the 1099's match up, but also want to have account balance for S corp investment correct. Considering that the interest makes it to the 1040, should I forego showing it as S corp income in order to have 1099's match up? The interest amounts to $94 | |
| 3 April 2006 | |
| IRS ties amounts reported on 1099's to 1040. If the difference is less that the jump to the next tax level in the tax table it won't cause any problems. | |
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