1099-MISC or 1099-NEC?

[dyarus]

I think the answer is no, but I will confirm.  I do know that this 1099NEC income is not farm related though.

Thanks

[legomaniacj]

I had this same issue. My client gave me a 1099-NEC form this year instead of the 1099-MISC and saw somewhere online that if they fill out the nonemployee compensation on the 1099-MISC only, then this form is the same (1099-NEC). I think they need to update what that says

[KrisD15]

For tax year 2020 and forward, the 1099-NEC has been resurrected to replace the 1099-MISC to report Non-Employee Compensation. 

As the recipient, you would treat this and report this form as you had the 1099-MISC in years past. It will be reported as Self-Employment income. 

[sportycarla]

Hi, Can someone help. I entered the amount for my 1099-NEC for UBER. There are no amounts on form from boxes 2-7. It wont let me file because of this. What do I do?

[JeffreyR77]

There are no requirements for entries in these boxes. 

Verify the Payer's Federal ID number is filled in. 

Save your return and reopen.  If the problem persists, you can try deleting the Form 1099-NEC and re-adding it.  

[rvcaccam]

My 1099-MISC is showing "OTHER INCOME" under Block 3. Should I be entering this in TurboTax under the 1099-NEC Block 1? 

[KathrynG3]

No. Form 1099-MISC income entered in Box 3 is "Other Income." This category is not subject to self-employment tax.

Entering it under Form 1099-NEC Box 1 would make it subject to self-employment tax.

To enter Form  1099-MISC in TurboTax, follow these steps:

1. From the left menu, go to Federal and select the first tab, Wages & Income.
2. Add more income by scrolling down to the last option, Other Common Income, and Show more.
3. Scroll down to Form 1099-MISC and Start.

For more details, see: Where do I enter a 1099-MISC?

[Children46]

Can I fill out an 1099 NEC  & 1099 Misc here to submit to IRS?

[MaryM428]

To create 1099 forms you use Intuit's Quick Employer Forms.  You must be using either TurboTax Desktop Home and Business or Online Self-Employed.  If using Self-Employed, you must pay for the software before you will be able to access the Quick Employee Forms.

Quick Employee Forms will create W-2 and 1099 forms online, and automatically e-file the forms directly to the SSA and IRS.

In 2020, the IRS reintroduced Form 1099-NEC which takes the place of Box 7 on 1099-MISC.

[JohnH1]

ThomasM125

I dont think rental income from a second home is considered a business and Form 1099-NEC is for business to business transactions (A Rental BUSINESS) as I understand it. Yet I don't think it's a critical issue. The IRS might accept either one. Report amounts on 1099-Misc line 3 is how I read it.

If it's investment property then Form 1099-NEC (?)

I'm not a tax professional

[KathrynG3]

Any income received for a rental would be considered a business. When you say 2nd home, if you mean it also has personal use, this is still true.

Form 1099-NEC is for income received as an independent contractor or self-employed entity and Form 1099-MISC is for income that will not be subject to self-employment tax, that is correct.

When a 2nd home has personal and rental use, the rental portion is reported in a separate section if it was rented for more than 14 days. The corresponding percentage of the home expenses can be deducted here.

To do this in TurboTax, in the search box, enter rentals and click the Jump to link.

For more information, see: Does a 1099-NEC or 1099-MISC mean I'm self-employed?

Where do I enter income and expenses from a rental property?

[JohnH1]

I'll take your word for it because it kinda makes sense but the IRS instructions give only an example of you having multiple units as being a business. Wording is everything and too often the wording is ambiguous even when a team of professionals are trying to come up with the wording.

[irene 42]

Does teaching maintenance and assisting count as self employment.  I have a 1099-NEC

[CatinaT1]

Yes. This is for non-employee compensation.  You will enter this as self employment income.  You will need to file a Schedule C and pay SE taxes.  You may also enter any expenses related to your work to reduce your income. 

  

To file a Schedule C, here are the steps: 

1. Sign in to your account and select Pick up where you left off 

2. At the right upper corner, in the search box, type in schedule C and Enter  

3. Select Jump to schedule C  

4. Follow prompts, you might be prompted to an upgrade if you have expenses 

[toolrep]

Received 1099-NEC for services rendered after I sold my business last year. Unable to add the 10K number in the earnings line.  Amount will not affect my taxes but form went to IRS