Do I need to amend my return which was accepted by the IRS because I listed miscellaneous income under 1099- a, or c and the form I just received is for 1099-NEC?

[CatinaT1]

If you want to make changes or add a document to a tax return that has already been submitted, you should follow these guidelines. 

• You must first wait until the initial return is completely processed. 
• You will have to use the same TurboTax account that you used for the original tax return. 
• Once you begin your amendment, you'll see your original return.  
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• Only make changes to the areas of your return that need amending. 
• You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment 

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[arthurhsamuelson]

this does not answer my question. The question was an accounting question not a program one. Do I need to amend my return now thati have a 1099NEC even though my return applied the relevant income to the line that said 1099 a or c.

I have paid the tax in the income so maybe it does not matter  

[AnnetteB6]

It depends on why you received the Form 1099-NEC.  

If it was for services or work you performed for someone as an independent contractor, then you do need to amend your return.  

The Form 1099-NEC should have been reported on a Schedule C Business Income and Expenses.  If you did not have expenses to claim against the Form 1099-NEC income, then you may also owe self-employment tax in addition to income tax.  

Self-employment tax would not have been included if the income was reported as a Form 1099-A or C.

To learn more, see the following TurboTax article:

Does a 1099-NEC or 1099-MISC mean I'm self-employed?

[edited 2/27/2024 | 5:22 am PST]
 

@arthurhsamuelson 

[arthurhsamuelson]

It was an honorarium for a talk. Not a bus I Ness. No business expenses or other income.

[DianeW777 · Accepted solution]

The Form 1099-NEC indicates you were paid for a service as a self employed individual.  Now you can refute that if you were not, and are not engaged in this activity to produce a profit.  If you are not seeking a regular ongoing activity to make money, then it could be considered 'Other Income'.  The instruction for both types of entry are shown below.  You must decide if you need to amend to report as self employment.

KEY TAKEAWAYS

• An honorarium is a payment given to guest speakers who don't charge a fee for their services.
• Honoraria are often used in academic settings by universities.
• A guest speaker is allowed to return an honorarium and pay out of pocket.
• An honorarium could be considered as self-employment income by the IRS and is usually taxed accordingly.  
  • How do I report self employment income?

How to report other income without entering the 1099-NEC?

Other Miscellaneous Income:

Go to the Wages and Income  section of TurboTax

1. Scroll to  Less Common Income > Select  Miscellaneous Income, 1099-A, 1099-C
2. Select Other reportable Income > Enter a description (----) and the amount