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1099-NEC Conversion in 2020
I am returning TurboTax customer and have used TurboTax for many years. I always file a schedule C. The income for my schedule C is normally on a 1099-MISC with box 7 filled out for "Non Employee Compensation". This year Non Employee compensation is being reported on form 1099-NEC.
In the "On Demand Tax Guidance" button in TurboTax it says the following, "If you're a returning TurboTax customer, we'll check if last year's 1099-MISC had an amount in box 7. If it did, we'll automatically change your form to a 1099-NEC for this years taxes." I transferred my 2019 return into 2020 and the above simply does NOT happen. My 1099-MISC doesn't change to a 1099-NEC. I am forced to create a 1099-NEC and another Schedule C. So basically I have 2 Schedule Cs. One with no income but prior year "pre-filled" information, i.e., depreciation items, auto info, home office info, etc. and another with the 1099-NEC income but no expenses (in other words, I need to start from scratch on the expenses). From what I can tell, I can't link my new 1099-NEC to the prior year schedule C and the program definitely is not automatically changing my for to a 1099-NEC.
I don't want to recreate my the expense side of my Schedule C. What gives? Am I just doing this too soon and an update will fix this?
Thx --