Hi there,
In the first half of 2024, I had a part-time teaching job through which I received a W-2 as usual. I've been filing on my own through TurboTax for years and I'm comfortable with this process.
However, in the second half of 2024 I also did freelance work and was paid through my NJ Single Member LLC's bank account. I have used Quickbooks Online (another Intuit product), and have kept my books balanced, noting all income/sales and expenses, etc. and my account with Quickbooks online is through my business email address, not my personal email address.
I have received a 1099-NEC and expect to receive another for this freelance work.
My questions are:
1. I have read that I can treat the LLC as a disregarded entity and report the income on a Schedule C on my personal tax return. Is this correct? If so, do I this through the "Self-employment income and expenses" pathway on TurboTax?
2. Since I spent a significant time balancing my books on QuickBooks online, I'd prefer not to manually re-enter everything. Is there a way to import data from QuickBooks online into my TurboTax. (Please note I use my personal email for TurboTax and a business email for Quickbooks online; each has a separate account and its a pain to try to merge them somehow).
3. If I have done all my reporting of income/expenses through QuickBooks online, why do I still need the 1099-NEC and I'm not quite sure where to "report" it. Do I just follow the "Self-employment income and expenses" pathway on TurboTax using the 1099-NEC and if all goes well, it should match the Schedule C? I have yet to see anything with a Schedule C.
Thank you so much in advance!
