Hi there,
Can anyone help me make sense of this 1099-MISC form I received? From this particular direct sales company, I received two forms: One was a 1099-NEC, which only includes my leadership earnings (bonuses, downline commissions). The second one was a 1099-MISC which doesn't report any income but has box 7 checked to indicate that I resold a certain amount of goods.
This form seems pretty useless, but at the same time I don't want to not acknowledge it on my taxes as that seems illegal. However, in TurboTax, the box 7 option seems to be missing altogether! With no income listed, the form doesn't seem to be saving properly in the TurboTax system. Also, the consensus on other threads seems to be that 1099-MISC box 7 is now replaced by some other box on 1099-NEC?? In which case, did they just do it wrong?
I've already entered that chunk of income as other self-employed income (schedule C). Any advice on what to do about this weird 1099-MISC form?
