JamesG1
Expert Alumni

Deductions & credits

It may.  The IRS presumes that income reported on an IRS form 1099-NEC is self-employment income reported on on Schedule C Profit or Loss from Business.  The income (net expenses) may qualify for the qualified business income deduction.

 

Create the self-employment activity and report the IRS form 1099-NEC as income in the self-employment activity.

 

In TurboTax Premium Online, report income and expenses under Self-employment income, follow these steps.

 

  • Down the left side of the screen, click Federal.
  • Down the left side of the screen, click Wages & Income.
  • Click on the drop down arrow to the right of Self-employment.
  • Click to the right of Self-employment income and expenses.
  • At the screen Tell us the type of self-employment work you do, enter the answer and click Continue.
  • Establish the self-employment activity and report the income and expense.

Within the self-employment activity, under Business Summary, you will answer questions about whether the qualified business income deduction is eligible for this income.

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