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Retirement tax questions
According to ErnieS0 in his awesome Turbo Tax post this is how to post.
To exempt your 1099-NEC from self-employment tax:
- Type 1099-NEC is Search in the upper right
- Click Jump to 1099-nec
- Say Yes to Did you get a 1099-NEC?
- Select Add a 1099-NEC on Do You Want to Enter Your 1099-NECs Now?
- Enter your information. Continue.
- Fill in why you received the 1099-NEC in Describe the reason for this 1099-NEC. Continue.
- Select None of these apply to me on Does one of these uncommon situations apply?
- Select I don’t have expenses related to this income on Guess what? You can deduct expenses
Selecting expenses will generate self-employment tax.
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March 23, 2023
7:12 AM