Question

How do I enter by Business Interest and Dividends

Forum|Forum|2 years ago
February 26, 2024
2 replies
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I have TurboTax for small business and one of my businesses has two Interactive Brokers accounts which issued 1099-INT and 1099-DIV. The problem is, it's the business what owns these accounts, not me personally. Yet, to enter them, I have to enter them as personal gains. But the Business owns these accounts and assets, and the account is tied to my business account. How can I move these INT and DIV earnings to the business and out of my personal taxes??

TurboTax Home & Biz Windows

B

Bsch4477

What is the structure of your businesses, corporations?

M

Mike9241

Only in the case of a C-corporation would the income be taxed at the entity level, For a partnership or S_Corp these items are treated as being earned/distributed pro-rata to the owners based on their ownership %.

so if it's an S-corp and you are the sole owner, all the brokerage activity is taxed to you just like the other income/loss of the business.