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Level 1
posted Mar 19, 2022 10:28:10 PM

Can turbotax help me issue a 100-NEC to my contractors

its the first year i have had contract people working for me for more than $660. i need to send them a 1099-NEC asap but i cannot figure out if turbotax can help me or where it is...

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3 Replies
Expert Alumni
Mar 20, 2022 4:25:40 AM

Yes, you can file the 1099-NEC through TurboTax. These forms were due on January 31, 2022. If a business fails to issue a form by the 1099-NEC or 1099-MISC deadline, the penalty varies from $50 to $270 per form, depending on how long past the deadline the business issues the form. There is a $556,500 maximum in fines per year. If a business intentionally disregards the requirement to provide a correct payee statement, it's subject to a minimum penalty of $550 per form or 10% of the income reported on the form, with no maximum.

 

How do I create W-2 and 1099 forms for my employees or contractors?

 

You can use TurboTax Self-Employed, TurboTax Self-Employed Live, TurboTax Home & Business for Windows, and TurboTax Business to create W-2 and 1099 forms (including 1099-NEC and 1099-MISC) for your employees and contractors.

 

Instructions for TurboTax Self-Employed and TurboTax Self-Employed Live

 

Instructions for TurboTax Home & Business CD/Download software

 

Instructions for TurboTax Business

Level 1
Mar 20, 2022 8:15:40 AM

thank you. 

Level 1
Mar 22, 2022 2:52:15 PM

yes, thank you . the links worked great.