We provide room and board for an international student. We got a 1099-nec for the compensation we receive for hosting. How do we deduct our expenses on a Schedule C?

[LinaJ2020]

If you are providing this service and made money as a nonemployee compensation, you will need to enter the information in both Form 1099-NEC and Schedule C sections.  You would start from the 1099-NEC section under "1099-MISC and Other Common Income".  You would then follow prompts to tell the program you are filing a Schedule C.  As it creates a Schedule C for you, you will need to go to the Schedule C portion separately to confirm your income amount, add related expenses and complete required information.  

  

In TurboTax online, here are the steps:  

• Sign into your account, select Pick up where you left off 

• From the upper right menu, select Search and type in 1099nec and Enter 

• Select the Jump to 1099nec 

• Follow prompts to complete the section 

Then  

• From the upper right menu, select Search and type in schedule c and Enter 

• Select the Jump to schedule c 

• Next screen, "Your 2020 work summary" under your self employed business, select Review 

• Continue to enter related expenses and other required information