Folks-I have a small consulting firm (just myself) in which I received a 1099-MISC (2020) from a firm I do work for. The 1099 has Box 7 Non Employee Compensation as $ 15447, of which no taxes are withheld. I pay quarterly estimated taxes. My question is where do I enter the 15447 when I'm trying to enter the 1099. Would it be "Other Income" ? There is no Box 7 when entering info in the 1099 MISC pop up screen. Any suggestions would be greatly appreciated!!! Thanks in advance for responses!!
Chris
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You will enter your income in Self employment income and expenses.
Form 1099 NEC replaced Form 1099 MISC for non employee compensation this year. In TurboTax you can enter the amount in Box 7 of your Form 1099 MISC in Box 1 of Form 1099 NEC:
You will then be able to enter any expenses you have related to this income just like you have in the past for income reported on Form 1099 MISC.
A couple of items to note here:
THANKS EVERYONE FOR THE REPLIES, THE COMPANY SENT ME A NEW NEW 1099 NEC, SO I'M ALL SET
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