It depends. Any business that makes nonemployee compensation payments totaling $600 or more to at least one payee or withholds federal income tax from a nonemployee’s payment, will now use this revamped form to report those payments and withholding must file Form 1099-NEC.
Follow these steps to enter Form 1099-NEC:
- Open TurboTax.
- Go to Federal > Wages & Income.
- Scroll down to "Other Common Income."
- Select Form-1099-NEC, select Start or Revisit.
5. "1099-Nec Summary" > Add Another 1099-NEC..
6. The next screen, "Let's get the info from your 1099-NEC.
7. Continue.
8. Add the reason for this 1099-NEC.
9. Continue.
10. On the screen, " Does one of these uncommon situation apply," select > This is not money earned as an employee or self- employed individual …"
11. Continue > Done.
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