To create Form 1099-NEC, here are the steps:
In TurboTax Self-employed online program,
- After sign in, select Pick up where you left off
- On your left menu, select Tax Tools/drop-down menu, then Tools
- On the next pop-up box, Tools Center, select Topic Search
- Under Topic Search, type in Create and highlight create from 1099-misc or w-2
- Select Go
- On screen,"W-2/1099 Reporter" select Start here
- Follow prompts
Beginning with the 2020 tax year, the IRS will require business taxpayers to report nonemployee compensation on the new Form 1099-NEC instead of on Form 1099-MISC. Businesses will need to use this form if they made payments totaling $600 or more to a nonemployee, such as an independent contractor. This was done to help clarify the separate filing deadlines on Form 1099-MISC and the new 1099-NEC form will be used starting with the 2020 tax year.
Your self-employment net profit will show on your Schedule 1 line 3 and line 8 of your Form 1040.
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