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Sounds like you need to go back to that 1099-NEC and finish the interview.
A 1099-NEC reports Non-Employee Compensation and the TurboTax program needs to know where to put it, which Schedule C.
It is possible for a tax return to report more than one business, so you need to link it to the one that earned it.
Hello! I am getting this message, too:
Some of your 1099-NEC forms don't include enough info for us to know where to report the income on your return.
There is only information in Box 1 "nonemployee compensation." How do I fix this? Thanks!
Did you also file a Schedule C ?
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:
Then
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.
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