I have about 78k in 1099 income that was made out to me personally. I also recently formed an LLC with the election to be taxed as an S-corp - can I report this 1099 income as revenue to the LLC, rather than as Schedule C income? Or somehow convert it to LLC revenue? Can I pay my LLC somehow perhaps?
It’s a good question
However, both money paid directly to you and money paid to your LLC will be showing up on your Schedule C on the 1040 (unless you’ve elected S-Corp status for your LLC?)
If your LLC is not an S-Corp, it makes very little difference, as it will all flow through Schedule C.
If your LLC IS an S-Corp, you should contact your client and ask them to amend the 1099 with your correct information. Send them the W9 that has your EIN rather than your SSN. But technically, if you are an S-Corp, the client wouldn’t need to issue a 1099 in the first place (assuming you are neither a lawyer nor a healthcare professional).
Hopefully that helps!