Deductions & credits

Thanks for the help on how to file this income to exclude it as taxable income.

I want to ask if  I can just file the 1099-NEC as it is received in turbotax, and then in the bussiness expense section(I assume that will create a schedule C), write the same amount as expense and add that as: Qualified Medicaid waiver payments exclusion (Notice 2014-7).

Will this be also a way to do it, if so, compare to the way you suggested, which one is better, and any reason for that?

Really appreciate your help.

@DianeW777