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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:
- Miscellaneous Income, using these steps:
- Click on Federal > Wages & Income
- In the Less Common Income section, click on the Start/Update box next to Miscellaneous Income, 1099-A, 1099-C.
- On the Let's Work on Any Miscellaneous Income screen, click the Start/Update box next to Other reportable income.
- On the screen, Any Other Taxable Income? click the Yes box.
- On the next screen, Other Taxable Income, enter a description and the amount. Click Continue.
- 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.
- Open or continue your return.
- Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
- With the Tax Tools menu open;
- Select Tools.
- Next, select View Tax Summary in the pop-up.
- Then Preview my 1040 in the left menu.
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‎February 10, 2023
5:58 AM