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Deductions & credits
I knew how to fix the problem but was pointing out the issue where the data entered in the Business section of TT was not propagating into the Personal section. For example I created a new form 1099-NEC for my business income and entered the income amount. So far so good. Later when I navigate to the Personal section and reported IRA contribution, TT told me I cannot contribute anything because my income was zero, which is wrong. This leads to think the current version of TT is using information from the 1099-MISC form, not from 1099-NEC. I am very disappointed TT releases half-baked software which leads to many issue. Think about 1099-NEC is probably a major component in the Home and Business version and it is not there?
‎January 8, 2021
10:13 AM