Where to enter 1099-MISC Other Income on 1120S

[david3]

1120-S client received a 1099-MISC reporting box 3 Other Income. Where is this entered on the 1120-S? 

The client is a single shareholder doctor. His practice is included in a group that sold to another entity. My client has not sold his business. So, the S Corp is receiving sales proceeds, goodwill, 1099-DIV, K-1s and other investment related documents related to this partnership group. The S Corp has never received K-1s or other documents from this group in the past.

I'm guessing the 1099-DIV is entered on Sch K line 5. Also, the sales proceeds, goodwill, etc. would be entered on Sch K lines 7 and 8.

I've never had an S Corp that has received these type of documents, so I want to make sure I enter them correctly. 

There aren't instructions for entering the 1099-MISC. I can't click on the "Where Do I Enter" box. For some years now, whenever I click on that box, PS freezes up. Any idea how to fix that?

Thanks for your help.

[sjrcpa]

Shouldn't that income already be in the S Corp's P&L?

There's no separate entry for a 1099-MISC.

I'm assuming you have a trial balance, but I guess I could be silly.

[david3]

The doctor's wife prepares a manual P&L and Balance Sheet in Excel. She wasn't sure how to handle a lot of this.

I'm weeding through all the documentation and matching against her P&L. I just wasn't sure if the 1099-MISC income was supposed to be reported in the Sch K area, with interest, dividends, capital gains, etc. or just reported on line 5, "Ordinary income". 

I'll report it on line 5. 

Thank you.

[qbteachmt]

"if the 1099-MISC income was supposed to be reported in the Sch K area"

Perhaps reporting it is a duplicate action, though. It depends on what the 1099-Misc is for.

Example 1:

A 1099-Misc is issued by a customer to a medical provider because it is required reporting and is called Informational, for purposes of the IRS. Meanwhile, your doctor's wife, the business data manager, already included it as part of fees for services. So, reporting it again, as if this is separate income, would be an error.

Example 2: It is for rent paid to the doctor by a masseuse who rents a suite in the medical facility.

Again, then; is that rental income already "on the books?"