If your 1099-NEC is for self-employment income, you are allowed to deduct business expenses from your business income. This is in addition to the standard or itemized deduction that you can deduct. You mentioned that your expenses exceed your income. Please make sure the expenses that you are deducting are ordinary and necessary for your specific trade or business.
Please review the TurboTax articles Reporting Self-Employment Business Income and Deductions for more information on business deductions. For examples of industry specific expenses, review the TurboTax Help article What self-employed expenses can I deduct? Once you review, you can determine exactly what your ordinary and necessary expenses are.
For instructions to enter your 1099-NEC, please review the TurboTax article What is a 1099-NEC?
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