This is for a large amount and there must have been a 1099-nec filed and lost in the mail. I know the exact amount of the income so if I simply enter the amount as income will I be ok or will I have to provide the other information which should have been on the 1099-nec form?
I guess I am asking if Turbo Tax Self Employed includes the 1099-nec info on my tax return or just includes the income amount form my 1099-nec forms.
Thank you so much!
If you do not have the information from the 1099-NEC (Payer ID etc) you can enter under General Income with the Payer name. As long as you report the income, the entry of the 1099-NEC is not a major issue. Without all the 1099-NEC info, you will not be able to file with the NEC form entry.
Without a Form 1099-NEC, you can simply enter information under Schedule C section. Here are the steps:
In TurboTax online,
When you received a nonemployee compensation, the IRS treats you as self employed and requires you to pay self employment taxes. The net profit amount will show on line 8 of your Schedule 1 and Form 1040.