View Full Version : I have a w2 and a 1099 for self employment in an LLC in 2010?
tricityman
Mar 16, 2011, 11:04 AM
My brother and I started an LLC last year, but I was also employed as a w2 employee for half the year. So my question is how do I file my personal taxes this year. I took owners draws each month which I need to pay taxes on, but I am not sure what form to use to file my personal taxes on? Any ideas?
joypulv
Mar 16, 2011, 03:05 PM
File long form 1040, enter the wages as usual, the 1099 income on line 21, pay SS on sch SE, and try to find some deductions to put on a sch C.
MLSNC
Mar 16, 2011, 07:07 PM
If you and your brother started an LLC wouldn't you be required to file a partnership return? The K-1 would then report your income. Unfortunately that may not match up with your draws.