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1099-NEC
When I enter my consulting income (say 30K) on my 1099-NEC's under Business Income section it gets transferred to a C and generate SE form and I pay SE tax on it as expected..... However if I enter it under Personal Income section as 1099_NEC, it shows up as other income and does not generate a C or a SE Tax form though it is non-employee compensation (Consulting income). Why is it not linking it to taxable Self employment Income. I do have w-2 income as well - but shouldn't the 1099-NEC's generate a C and SE. Assume no business expenses or deductions etc, I would think it would come out the same...but make a difference of about 3K in taxes due?
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‎February 16, 2021
11:19 AM