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You need to give a 1099NEC (previous a 1099Misc) to anyone you paid $600 or more to for the year. But not to corporations or for merchandise. You send the IRS a copy of the 1099Misc with the transmittal summary form 1096. These are due to the person by Jan 31 and to the IRS by Jan 31 also.
Starting in 2020 they added a new 1099NEC form to replace the 1099Misc. If you are using the Online Self Employed version or Desktop Home & Business program or Business program you can use Turbo Tax.
For Online Self Employed version,
Log into your account
Scroll down to Your Account and click on Show
Click on Create W-2s and 1099s
In your return, Anywhere on any screen you see....
Help me prepare and file W-2s and 1099s
Click on it and the side box will open, Then click on Quick Employer Formsin the side box.
Or from the Account Screen it will take you directly to Quick Employer Forms
See my answer with screen shots at the end of this thread
https://ttlc.intuit.com/community/business-taxes/discussion/can-i-use-quick-employer-forms-with-turb...
How do I input the 1099-NEC in turbotax deluxe version? Thank you
You can enter Form 1099-NEC in the Other Common Income section under Wages & Income. However, since it is considered self-employment income, I recommend you start a Schedule C to decrease your taxes with the ordinary and necessary business expenses.
To enter Form 1099-NEC as self-employment, under Wages & Income, scroll down to Self-Employment and select Show More and Start.
For more details, see: What is Form 1099-NEC?
How do I create and file a Form 1099-NEX for a contractor I used in Turbotax Home and Business (CD/Download version)? I can't seem to find where I can CREATE one--only how I can enter one that someone else files and sends to me for.
Any assistance on this would be greatly appreciated! Thanks!
You can connect to Quick Employer Forms to prepare and submit those documents. This can be accessed through TurboTax Online Self Employed, TurboTax CD/Download or TurboTax Business without any additional fee.
Use the link provide here to create and file your 1099-NEC. Click on your TurboTax platform.
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