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Business & farm
Thanks. So, to be clear, you'd recommend simply using "1099-NEC" as the "Enter the name of the person or financial institution that brokered this sale?" Or perhaps "1099-NEC [[Consigner Business Name]]" instead?
I have a related question re state taxes on the same form. The consigner (payer) was in one state; I live in another. The consigner filled out the 1099-NEC with box 6 (State/Payer's state no.) as my state. Should I enter this as the "State Name" on the page where I enter transaction info/is that needed?
I believe that I probably owe taxes in the payer's state, based on my understanding of state-based income and income thresholds for that specific state. So, I expect I should fill out that state's return accordingly? I just want to make sure I'm not going to get dinged by one state or another because that field is filled in.
Many thanks!