Form 1099-NEC is not for reporting an IRA contribution. Most of the time, it is for taxpayers who have done independent contract work and received more than $600 nonemployee compensation. IRS will consider you as self employed and require you to pay self employment tax. If you have made a distribution from your IRA account, you should be receiving a Form 1099-R. If it is only for reporting an IRA contribution, you should receive a Form 5498. Click here: 5498
If you have made a contribution to a traditional IRA, you have an option to take a deduction on your tax return. If it's a Roth IRA, no deduction is allowed. To see details, click here: https://www.irs.gov/retirement-plans/traditional-and-roth-iras
To enter your IRA deduction, click here:
In TurboTax online,
- Sign in to your account and select Pick up where you left off
- From the upper right menu, select Search and type in ira contributions and Enter
- Select the Jump to
- Follow prompts to enter your contribution amount.
The deduction will show on line 10A of your Form 1040 ( carried over from Schedule 1 line 19)
I will suggest you to contact your fidelity for a corrected 1099.
For more information about 1099-NEC, click here: What is a 1099 NEC ?
To see the IRS explanation, click here: https://www.irs.gov/pub/irs-pdf/f1099nec.pdf
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