Tax Year 2020: 1099-NEC

[blotie25]

I believe I need to file some form 1099's with the IRS and provide  to the contractors that I paid during 2020.  The payments were made to independent companies that did various jobs on my rental properties and were greater than $600.  They are either individuals or LLCs and were paid by check (rather than a credit or debit card).  Thinking I need to report this to them on form 1099-NEC this year, is that correct?  Also, if the payments were for a mix of labor and materials does the full amount get reported to them on Form 1099 or do I need to try and determine just the amount of labor?  

[MinhT1 · Accepted solution]

You'll need to provide forms 1099-NEC to contractors to whom you paid more than $600 during 2020 and file them with the IRS by January 31, 2021. You have to report the total amount paid to each contractor.

You can use TurboTax Self-Employed to prepare and e-file forms 1099-NEC.

To prepare forms 1099-NEC, follow these steps:

1. Sign out of your account and sign in again.  
2. On the landing page, click on the down arrow next to Your account then click on  Create W2s and 1099s.
3. You will be taken to the TurboTax Quick Employer Forms (QEF) website.
4. Sign in with your TurboTax username and password. If you do not have an account, click Create Account to create a new account. Note carefully the username and password as you need then if you need to retrieve the forms later.
5. After signing in, click on Create New Form
6. On the next page, choose the type of forms you wish to prepare then click Continue to begin entering information for your forms.

[blotie25]

I wasn't able to follow those steps to get the QEF website.  is there another path to get there? 

[blotie25]

I have the desktop version.  

[JulieC14]

In TurboTax Desktop you will need to using the Home and Business or TurboTax Business products to access Quick Employer Forms.  You will need to create a new return and it will ask if you want to complete W-2s or 1099s

Click HERE for more information on using Quick Employer Forms.

[VolvoGirl]

@blotie25  Which desktop program do you have?  And Windows or Mac?  You need to have the Home & Business version.  If you are on a Mac it only lets you do them online using Quick Employer Forms.

You can do them 2 different ways from the Windows Desktop Home & Business program. Either Online using Quick Employer Forms (QEF) -or- directly on your computer with the built in W2/1099 Reporter.

In the Window's Home & Business Desktop program to Prepare W2s or 1099s, click the big blue button to Start a New Return or go up to File-New Tax Return.

Then on the next screen it asks What would you like to do?

If you get a screen with 2 choices, Check the second circle that says Prepare W-2s and 1099s for my employees or contractors. Then that will expand and give you a choice to prepare them online or on your computer.

If you get a screen that says Continue your Tax Return and a box listing your returns then go up to FILE - New Tax Return again and you should get a box to pick the type of return you need to prepare. Pick US Forms W-2/1099 Reporter

See this for more info on the Quick Employer Forms…..
https://ttlc.intuit.com/questions/1900677-about-quick-employer-forms