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My Scorp issued 1099-NEC to Corp X

Forum|Forum|2 years ago
February 11, 2024
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My S Corp issued a 1099-NEC to Corp X and reported that dollar amount in the S Corp tax returns under the Payments to Independent Contractors section, but it did not ask for any details about Corp X. Is that common?

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Best answer by Mike9241

1099-NEC did not have to be issued to a corp. there are questions in business tax returns about issuing required 1099sb but no details of who or what got what. The iRS doesn't need that info since it has the 1099s

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Mike9241Answer

1099-NEC did not have to be issued to a corp. there are questions in business tax returns about issuing required 1099sb but no details of who or what got what. The iRS doesn't need that info since it has the 1099s

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raj27Author

@Mike9241 Thanks for your quick response. This is first time I am doing with 1099-NEC filing hence little confused.

I have already filed 1099-NEC along with my W2 to IRS and in tax returns I have reported W2 amount in "Salaries and wages paid" section and 1099-NEC Payment dollor amount in "Payments and Independent contractors". Is that correct?