You received two payments but only the 1099-NEC is reporting taxable income. Is that correct?
The IRS presumes that 1099-NEC income is income reported on IRS Form 1040 Schedule C Profit or Loss From Business and subject to self-employment tax. Report the 1099-NEC as follows:
- Go to the Search magnifying glass in the upper right hand corner of the screen.
- Enter '1099-nec'.
- Click on 'Jump to 1099-Nec'.
This IRS FAQ explains lawsuits and taxable income.
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