DaveF1006
Expert Alumni

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.

 

@David 

 

 

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