Solved
Misc 1099
I received this form for contract nursing. I don't have a business established. I am being asked to provide a Principle business code and I am not sure what this mean.
DawnCAnswer
Employee Tax Expert
February 10, 2020
Choose Misc 2% itemized. But you should only be entering expenses related to your W-2 work in that section (Form 2106).
I see above that you were originally asking about self-employment income from a 1099-MISC. If the expenses you are entering on the 2106 form are related to your self-employment income, those expenses should be reported on Schedule C with that income. Those expenses are fully deductible. The ones are Form 2106 are not. You get a bigger tax break by reporting them on Schedule C. Only employee (W-2 work) expenses go on Form 2106 and those are not deductible on federal returns.
Where do I enter my self-employment business expenses, like home office, vehicle mileage, and supplies? - Use this link for instructions for reporting expenses related to your 1099 income.
**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
