I don't understand how to enter my 1099 NEC

[kylielynn1005]

It asks for my business name but it's not my business.

[JohnB5677]

I may not understand your question fully, but I'd like to give you some background.

"The IRS has reintroduced Form 1099-NEC as the new way to report self-employment income instead of Form 1099-MISC as traditionally had been used. This was done to help clarify the various filing deadlines for Form 1099-MISC versus the 1099-NEC filing deadline. The 1099-NEC form has been used since the 2020 tax year."

IRS form 1099-NEC is to report non-employee compensation.  You will receive one if you earned at least $600 from another business.

The IRS considers non-employee compensation as being self-employed.  You can use your own name and social security number to complete the self-employed section that will provide a Schedule C.

To post a 1099-NEC:

1. Select Federal 
2. Wages & Income 
3. Select Wages and Salaries, or Revisit 
4. Scroll to Other Common Income
   1. Refunds Received for State/Local Tax Returns
   2. Form 1099-NEC
   3. Form 1099-MISC
   4. Form 1099-K
5. Verify that you do have a 1099-NEC [Yes]
6. You may have to upgrade your software
7. The next screen is to [Add a 1099-NEC]
8. Enter your information

I will also note that you will be subject to self-employment tax.  The self-employment tax rate is 15.3%. That rate is the sum of 12.4% for Social Security and 2.9% for Medicare.

Please see IRS Form 1099-NEC & Independent Contractors

What is Form 1099-NEC?

[edhyden]

Im retired, not working but have a small business, so do I enter the 1099 NEC under the business section AND in the personal section?

[VolvoGirl]

No.  Only enter it in one place.  Actually you can just enter it as Other self employment income or as Cash or General income. You don't need to get a 1099NEC or 1099K. Even if you did you can enter all your income as Cash. Only the total goes to schedule C. You should be entering the income from your own records.

You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or use any of the Desktop CD/Download programs. How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

[JulieS]

No, you only enter it once. Since it is business income for you, enter it under the Business tab of TurboTax Home & Business.