Reporting 1090-INT income on 1040 for single member LLC

4 Replies

In 2014 I created a single member LLC for the sole purpose of using to invest in crowdfunding opportunities. Since its a single member LLC and for tax purposes is classified as a sole proprietorship LLC, all revenue just passes through to my individual tax form. But, I've received a couple of 1090-INT's with my LLC's EIN (not my SSN) and am not sure where to report. Is it on my Schedule B with interest income earned by my SSN? Is it on the Schedule C, and if so, where? Other income? Seems like there I can't itemize the 1090-INT's.

I will say that I set this LLC as a way to just isolate this activity, but was a bad idea. It just overly complicates things for no benefit. But, what's done is done.

TIA for any help.

Todd M.

@Todd Michael Even though you are a single member LLC, I believe your LLC needs to file tax returns. The LLC will then issue you a K-1 for your personal return as all profits / losses are passed to you.

Originally posted by @Todd Michael :

In 2014 I created a single member LLC for the sole purpose of using to invest in crowdfunding opportunities. Since its a single member LLC and for tax purposes is classified as a sole proprietorship LLC, all revenue just passes through to my individual tax form. But, I've received a couple of 1090-INT's with my LLC's EIN (not my SSN) and am not sure where to report. Is it on my Schedule B with interest income earned by my SSN? Is it on the Schedule C, and if so, where? Other income? Seems like there I can't itemize the 1090-INT's.

I will say that I set this LLC as a way to just isolate this activity, but was a bad idea. It just overly complicates things for no benefit. But, what's done is done.

TIA for any help.

Todd M.

 You would purely report that on Form 1040 as you would any other interest on Schedule B.

What if you receive K1 with your EIN#, do you report it in Schedule E with your SS# there?

if the LLC is treated as a "disregarded entity" for tax purposes you need to provide your ssn not ein to crowd funding platforms in the future. Just report on you schedule b, you will probably get a computer generated letter from irs asking why you did not report 1099 int with associated ein just write them back provide a copy of the schedule b, and explain it is a "disregarded entity " and the 1099 improperly used the ein instead of your ssn. This is a common error, not a big deal, and irs is use to fixing it after the fact. Hope this helps, good luck!

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