With regard to my small business, In 2019 I used TT Premier, this year a bought TT Home and Business. In 2019 I did not have any subcontractors, but I do in 2020 and therefore need to file a Form 1099-NEC (paid the sub in excess of $600). However when I attempt to import my 2019 return after I answer yes to the question regarding 1099-NEC, I get an error message that reads:
"You have selected a 2019 personal tax (Form 1040) which will not work with this. Please select your
2019 W-2/1099 return instead".
What does this mean????? And how do I fix it so that I can prepare a 1099-NEC in my 2020 TT file???
Why are you trying to open or work on a 2019 return in the 2020 program? You don't have a 2019 return for subcontractors. You don't use your personal tax return. Just start a new W2/1099 return to create the 1099NEC.
Start over to create a 1099NEC without transferring from 2019.
In the Window's Home & Business or Business Desktop program to Prepare W2s or 1099s, go to Start a New Return or File-New Return.
Then on the next screen it asks What would you like to do?
Check the circle that says Prepare W-2s and 1099s for my employees or contractors. Then that will expand and give you a choice to prepare them online or on your computer.
If you select to do them online using the Quick Employer Forms the forms are efiled to the IRS. You then print the copies to give out to your people and print copies for yourself. See this for more info…..
If you select to do them on your computer you are responsible to mail the forms to the IRS.
Some more general info. You are doing 2 different kinds of returns. Your personal return is saved in your Documents in a Turbo Tax folder as a file ending in .tax2019, .tax2020, etc. The 1099NEC you are preparing will be in a separate file but it also ends in .tax2020. So you will have 2 different files like.....
2020 your name individual tax return.tax2020
2020 your name 1099.tax2020
To do your personal 1040 return you start over and go up to FILE-NEW. Then you either get a screen saying
Start a New Return in a blue button or a box with 2 choices. If you get stuck or more confused I have screen shots. You can transfer from 2019 into your personal return.
on the next screen pick the first option US 2020 Form 1040. Then you can transfer your 2019 file into that one.