JamesG1,
Thanks for the reply!
Could you explain a bit more on “creating an expense to back out the income”?
Does Intuit/TurboTax have instructions on how to handle this unique situation?
Once completed, I presume that there is no tax liability on this income for 2024?
How will I handle/report the amount received in 2025 with the “2024 1099-NEC” on my 2025 taxes?
Thanks again,
Tom
