HopeS
Expert Alumni

Retirement tax questions

You can enter the income reported on the 1099-NEC in TurboTax as "Less Common Income," which is reported on line 8 of 1040 Schedule 1 and will not generate Schedule C or SE tax.  Please use the following steps:

 

  1. Miscellaneous Income, using these steps:
  2. Click on Federal > Wages & Income   
  3. In the Less Common Income section, click on the Start/Update box next to Miscellaneous Income, 1099-A, 1099-C. 
  4. On the Let's Work on Any Miscellaneous Income screen, click the Start/Update box next to Other reportable income.
  5. On the screen, Any Other Taxable Income? click the Yes box. 
  6.  On the next screen, Other Taxable Income, enter a description and the amount.  Click Continue. 
  7. The amount entered will appear on line 8 of Schedule 1 of 1040.

Assuming you are using TurboTax Online, follow these steps to preview your Form 1040  to make sure the amount reported is on Schedule 1 before you must pay.  

 

  1. Open or continue your return.
  2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
  3. With the Tax Tools menu open;
  4. Select Tools.
  5. Next, select View Tax Summary in the pop-up.
  6. Then Preview my 1040 in the left menu.

 @scottkoterbay 

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