I made about $70,000 this year and $14,861 is on a 1099 NEC, with my EIN on it. The rest paid directly to me. (I'm a tutor and had a few students through a tutoring company, the rest are private students who pay me) Do I enter the total of both those an my income or do I enter the 1099 somewhere different and the rest some place else? I am at the end of the return and can't remember what I did but don't think I split them up.
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The 1099-NEC would be income that is reported with your S-Corp Form 1120-S filings. The income paid directly to you, has to be filed on Schedule C as self-employment income, with your personal taxes. Going forward, I advise if you are operating an S-Corp that all related business income gets paid directly to the Corporation.
What I mean is, the income paid directly to me was paid to me as the company, but I mean it was people paying directly to me by Zelle or Venmo, as opposed to the 1099 NEC with my EIN on it. Do I combine the money paid to me with the 1099 money or list them separately? I'm using TurboTax Business.
For a business, the source of your income is not as important as reporting all your receipts. In TurboTax Business, you can enter the total directly under Federal Taxes >> Income >> Business Income >> Service Receipts.
Form 1099 is a tracking device for the IRS. As long as you report all your income, including whatever is reported on a 1099, you are good.
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