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I'm using Turbo Tax Self-Employment because we started a business in 2020. Shouldn't income go under Schedule C? It's entering it as 1099-NEC.
I thought 1099-NEC was reported to subcontractors or those who I paid.
If it is the IRS that is supposed to provide me with a 1099-NEC, how would they know what my income has been for the tax year? I paid estimated taxes. But I don't report to them the income that's associated with those estimated taxes.
Thank you!
If it is the IRS that is supposed to provide me with a 1099-NEC, how would they know what my income has been for the tax year? I paid estimated taxes. But I don't report to them the income that's associated with those estimated taxes.
Thank you!
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‎January 23, 2021
3:55 PM