I am curious as to why in the turbo tax deluxe program it says " Before you say "yes" if you have 1099 MISCs or 1099 NECs, its better to enter them under 1099 MISC and Other Common Income.
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It is not necessarily better, but it's more a mater of what is correct.
The 1099-NEC is used to report independent contractor income. The 1099-MISC is used to report miscellaneous income such as rent or payments to an attorney.
If you post the 1099-MISC under Other Common Income the program will determine if it is taxable, and if it is subject to self-employment tax.
A 1099-NEC typically will be taxable and subject to self-employment tax. The 1099-NEC should be posted to Self-Employed.
It is not necessarily better, but it's more a mater of what is correct.
The 1099-NEC is used to report independent contractor income. The 1099-MISC is used to report miscellaneous income such as rent or payments to an attorney.
If you post the 1099-MISC under Other Common Income the program will determine if it is taxable, and if it is subject to self-employment tax.
A 1099-NEC typically will be taxable and subject to self-employment tax. The 1099-NEC should be posted to Self-Employed.
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