Because the money you receive is income, and out of an abundance of caution the payor has decided to send all payees, regardless of amount paid, a 1099-NEC. Based on what you have included in our post, it does not appear that this is a form of self-employment on your part. Thus, you can report it as "other income" in TurboTax. Here are the steps to follow to report the income as other income.
- To enter other income in TurboTax online, click on Wages & Income, scroll down the page to Less common income, click on the drop-down arrow and select Miscellaneous Income.
- From the list select Other reportable income and respond to the questions on the screens that follow.
- If you are using TurboTax CD/download, the process is similar. After selecting the Personal tab, then Personal Income tab scroll down the screen to Less Common Income and select Miscellaneous Income. Enter your information.
While you received a 1099-NEC, you my receive references in the above screens to 1099-Misc. Just ignore those references and report your 1099-NEC as described above. Your 1099-NEC income will appear on Schedule 1 to Form 1040 and also on Form 1040, line 8 as other income.
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