KrisD15
Employee Tax Expert

Get your taxes done using TurboTax

These are the things it's asking,

"Qual business inc yes or no"

"1099 reqd yes or no?"

"Line g yes or no?"

"Line f-cash, line f-accrual box, or line f-other box?"

"principal business code?"

 

The 1099-NEC is Non-Employee Compensation, 

so you are considered as Self-Employed, as in a business owner. 

 

"Qual business inc yes or no"

Are you eligible to get the Qualified Business Income Deduction? 

QBI INFO

 

"1099 reqd yes or no?"

Did you pay anyone, such as a sub-contractor, $600 or more and need to file a 1099 to them? 

 

"Line g yes or no?"

Did you "materially participate" Yes. You did the work, it is not rental or royalties. 

 

"Line f-cash, line f-accrual box, or line f-other box?"

You use CASH accounting. You recognize income when it is paid to you. 

 

"principal business code?"

Here is a link for you to decide what code to use depending on what service you provide: 

IRS LINK FOR CODE

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