K-1 Vs 1099

[Paton]

s About Taxes)/K-1 vs 1099 Advertisement Expert: Randall Klein, MBA, EA - 2/23/2013 I've been a1099 employee for decades.  The owners of the business that I send most of my business to think a K-1 would be better for me, but I use a schedule C to write off most of my business expenses.  I know nothing about a K-1. Can you help enlighten me on which may be my best option?  

Thank you!

George

[Arvie]

A K-1 is a document showing the share of profits or losses of a Partnership or S-Corporation.

Unless you are an actual owner of the business, you should not be getting a K-1. If you are an owner and NOT getting a K-1, then something is wrong there, too.

You cannot be a "1099 employee". You either are an employee and get a W-2 with taxes withheld or you are an independent contractor and get a 1099. Depending on the type of work you do, you may be misclassified. It sounds already like the company owners don't have much clue if they are offering you a K-1.  A K-1 recipient cannot get a 1099-MISC except under specific circumstances which are rare.