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Self employed
I noticed you are using TurboTax Home & Business. I will give you the steps for this TurboTax program (not the online version) and hopefully clear up any of your questions.
First - please confirmed you entered your Schedule C 1099-NEC:
- Open your return.
- Click on Personal.
- Click on Personal Income.
- Click on I'll Choose what I work on.
- Scroll down to Income from Form 1099-NEC.
- Click Update.
- Click Edit next to your 1099-NEC on the 1099-NEC Summary screen.
- Continue past the information entered.
- On the screen Does one of these uncommon situations apply? answer None of these apply to me.
- Select the Schedule C business or add a new business on the page Self-employed 1099-NEC Income.
Next - please follow to confirm you entered your Other Income 1099-NEC:
- On the 1099-NEC Summary screen ( Step#7 above) , click Edit next to your second 1099-NEC.
- Continue past the information entered.
- On the screen Does one of these uncommon situations apply? answer This is not money earned as an employee or self-employed individual, it is from a sporadic acitivity or hobby (this is not common).
Lastly - please confirm you deducted the amount of your second 1099-NEC:
- Click on the Personal tab.
- Click Personal Income.
- Click I'll choose what I work on.
- Scroll down to Miscellaneous Income.
- Click Update or Start.
- Click Start or Update next to Other reportable income.
- Answer Yes to Any Other Taxable Income?
- List description as "Income already reported on 1099-NEC (enter Payer TIN here from second 1099-NEC)"
- Enter the amount as a negative.
To confirm this was completed correctly, please follow these steps to see your federal forms:
- Click on Forms.
- Click on Schedule 1 on the left hand side.
- Go to Line 8z.
- Line 8z should be your second 1099-NEC with a positive and negative number, netting to zero.
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March 20, 2022
6:37 AM