Hi,
TurboTax langue is very confusing. We have multi partner LLC and received 1099-NEC on LLC name. Should it be included as a part of "Service receipt" or should it be in different place? Not find any other head in Income section of Business software. "Service receipt" description shows following and is confusing.
Note: If payment for services you provided is listed in box 1 of Form 1099-NEC, you are being treated as a self-employed worker or independent contractor. Please verify that this is NOT included in the gross receipts total. It may not be necessary to report, if this information is already included in your gross receipts total.
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Businesses may report income in whatever category is best. In most cases, general business income is reported as "Service Receipts." As long as you report at least as much income as is reported on various 1099 forms, you have met the IRS requirements.
Businesses may report income in whatever category is best. In most cases, general business income is reported as "Service Receipts." As long as you report at least as much income as is reported on various 1099 forms, you have met the IRS requirements.
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