Can I get help entering a 1099-NEC ?

[VolvoGirl]

This will apply to both of them.

Yes you are the owner of your own self employment business.  You are in business for yourself.  Use your own info.  The people or company that pays you is your customer or client.  You need to fill out schedule C for self employment business income.  You are considered to have your own business for it.  YOU are the business.

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax.  You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version.  How to enter self employment income

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

[RUNHRDR]

I am running into this problem as well for a board member and received a 1099 NEC.  Doesn't seem like it would be self-employment, but this article also supports that is how it should be reported.  Note that is references form 1099-MISC from last year, this year the 1099 NEC is being used.  Hope others find it helpful.  https://www.executive-advisory.com/directors-pay-reported-1099/

[LinaJ2020]

You will be considered as self employed unless you fall into the "Other Income" category like the settlement or rewards from work etc.  Follow prompts in the program to verify. 

You will need to enter the information in both Form 1099-NEC and Schedule C sections.  You would start from the 1099-NEC section under "1099-MISC and Other Common Income".  You would then follow prompts to tell the program you are filing a Schedule C.  As it creates a Schedule C for you, you will need to go to the Schedule C portion separately to confirm your income amount, add related expenses and complete required information. 

In TurboTax online, here are the steps: 

• Sign into your account, select Pick up where you left off
• From the upper right menu, select Search and type in 1099nec and Enter
• Select the Jump to 1099nec
• Follow prompts to complete the section

Then 

• From the upper right menu, select Search and type in schedule c and Enter
• Select the Jump to schedule c
• Next screen, "Your 2020 work summary" under your self employed business, select Review
• Continue to enter related expenses and other required information

If this is self employed related, the amount will show on line 8 of your Schedule 1 and Form 1040.

[EEH1]

I'm having this problem too.  I've provided written feedback to TurboTax that the 1099-NEC data is being inadequately dealt with (not only precluding IRA contributions, but not generating a Schedule C, not calculating self-employment taxes, and not checking for applicability of the Qualified Business Income deduction.  I recommend waiting a few weeks for it to be fixed before submitting returns.

[VolvoGirl]

@EEH1   Just ignore the 1099NEC, don't enter it.  Just enter it as Other self employment income or as Cash or General income. You don't need to get a 1099NEC or 1099K. Even if you did you can enter all your income as Cash. Only the total goes to schedule C.

[Tchrmyrick]

I have several 1099NEC statements, but there are no places on Turbo tax to report my nonemployee compensation. Box 1 says rents.  How do I report this.

[ToddL99]

Please clarify - why did you receive this 1099-NEC?

@Tchrmyrick

[hoy3ct]

Is income duplicated in 1099-NEC and Schedule C?  Does the 1099-NEC need to be entered in both places?  It seems it is duplicating the income.

[npierson7]

Revisit the section where you entered the Form 1099-NEC if you entered it on its own and delete that entry, by following these steps:

1. Open TurboTax.
2. On the top right corner of TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner).
3. Type in “1099-NEC” (or for CD/downloaded TurboTax, click Find),
4. Click on “Jump to 1099-NEC”
5. Click on the blue “Jump to 1099-NEC” link

This will bring you a summary of all Form 1099-NEC that you have entered.  Click Delete or the trash can icon next to each one.

Next, you will re-enter the Form 1099-NEC as part of the Schedule C so that the income is reported directly as part of your Business Income and Expenses and within the correct form and section of your return.

Follow these steps to go to the Schedule C section of your return:

1. On the top right corner of TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner).
2. Type in “schedule c” (or for CD/downloaded TurboTax, click Find).
3. Click on “Jump to schedule c”.
4. Click on the blue “Jump to schedule c” link

If you already have created a Schedule C in your return, click on edit and go to the section to Add Income.  This is where you will re-enter the Form 1099-NEC. 

If you do not already have a Schedule C in your return, follow the prompts and enter the information about your work/business for which you received the Form 1099-NEC.  Then continue through that section to Add Income and enter the Form 1099-NEC along with any additional income you received for that business.  

[hoy3ct]

Thank you.  So, just to verify, the 1099-NEC only needs to be added in the schedule C section?

[hoy3ct]

What about the state portion (North Carolina)?  It says $0 refund (and $0 owed too, I assume).  Don't we owe state taxes?

[LinaJ2020]

It depends on it's filing requirements. 

In TurbTax program, after you enter information under the Federal section, you would proceed to the State section, follow prompts and answer all the step-by-step interview questions.  The program will then adjust the refund or tax due amount based on your answers.  It is possible you do not owe any taxes.  

I am attaching a North Carolina filing requirement char for your reference:  NC filing chart

@hoy3ct

[jamesharper1066]

I have already entered my 1099-NEC during the Business Income step of the EasyStep process, so I need to enter them again in the Personal Income portion of the EasyStep process?

[MaryM428]

No, you only enter a 1099-NEC in TurboTax one time.  If it is entered twice, that would mean it would report double income and result in double taxes.  

What is a 1099-NEC

@jamesharper1066

[generhfry]

On my wife's (filing jointly) 1099-NEC she received, state tax withheld = Nonemployee compensation.  This seems to be incorrect.  I don't think any tax was withheld.  Box 1 (non employee compensation) is about the same (1% less) than what was deposited in our checking account for this work.

Is this entry indeed incorrect?  If so, what should I do?