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Business income

After entering my 1099-NECs, the total income was $2930. However, once TT shows the summary, it is reporting as $5245. Can someone explain why the discrepancy? 

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4 Replies
JohnB5677
Expert Alumni

Business income

We'd love to help you complete your tax return but need more information. Can you please clarify your question?

The form 1099-NEC carries into a schedule C for Self-Employment.  Did you receive an additional 1099-NEC, 1099-MISC, or 1099-K?  Did you record cash income for the business?

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Business income

I received three 1099-NEC forms totaling $2930. No other income was reported for this business.

Business income

How much was each 1099NEC?  Maybe you entered one twice?  I would delete them all and see if there is still an amount left for income.  

 

I would forget about entering the 1099NEC. Just enter the total as Other self employment income or as Cash or General income. You don't need to enter each 1099NEC or 1099K. You can enter all your income as Cash. Only the total goes to schedule C.

Business income

Deleted them and entered them as General Income, same total amount, same reporting amount. It's like the amount I enter is the NET value and the amount reported is the GROSS value.

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