- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
SUBSTITUTE Form 1099-NEC OMB No. 1545-0115 - Why and how?
I received said form for Royalties (Box 2) received on microshares owned in Hilcorp Energy Company. In the past, and currently from other companies, I received a 1099-MISC to report royalties.
If I enter this as a 1099-NEC, Turbotax generates a Schedule C for a non-existent business.
If I enter this as a 1099-MISC, which is how it reads except for the name of the form, all is easy-peasy and in accord with other royalty reporting.
Which do I do?
Is this 1099-NEC serving as a SUBSTITUTE for the 1099-MISC (which is OMB No: 1545-0115)?
Have they issued 1099-NEC forms to everyone, even those who have not acted as a business to sell them anything??
I've called Hilcorp, but was either put on perma-hold or shuttled to voicemail. Still waiting for a response.