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Get your taxes done using TurboTax
Yes. In TurboTax online, select Wages & Income (under Federal, left margin) and scroll down the screen to Self-Employment. Click on Start and enter your 1099-NEC information. Then follow these steps:
- On the screen Here's you Amazon Vine [or whatever business name you enter] services info, select the tab Add expenses for this work.
- On the next screen, you should see several categories of expenses, place a check next to the box, Other miscellaneous expenses, then press Continue.
- On the next screen, click Start across from Other miscellaneous expenses and enter a description and the amount. The description the CPA suggested will work, or something similar if you prefer. We assume the amount you enter will be the offsetting amount.
- Select Continue and move through the rest of the section.
The above steps will include the description and the offsetting amount on Schedule C. Because the profit and expense offset each other, the net Schedule C income will be zero.
To enter the Amazon Vine 1099-NEC as other income, follow these steps:
- To enter other income in TurboTax online, click on Wages & Income, scroll down the page to Less common income, click on the drop-down arrow and select Miscellaneous Income.
- From the list select Other reportable income and respond to the questions on the screens that follow.
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March 14, 2023
11:22 AM