f you received a 1099-NEC, it is entered under Business Income and Expenses. You will need to enter your business information which will create your business profile. Once you have done that, you will find the entry under Business Income which will be within the Business Income and Expenses section. It goes in the same area as the 1099-MISC and 1099-K.
last year I got a 1099-Misc, which is now 1099-NEC. TT Deluxe is giving me the option to enter a "MISC" but not "NEC". this is one entry for my YouTube video and I do not want to purchase a TT Business. The rest of my tax is simple. Is there a place on forms view where I can enter the NEC? Or is there another solution?
If you are using TurboTax Online, the reason you would not receive an option to input 1099-NEC in TurboTax Deluxe is that Form 1099-NEC is usually used for self-employment income, which the Deluxe Online version does not support.
You should have been able to enter it in the Step-by-Step process in CD/Download version of TurboTax Deluxe. [The workaround, as you found out is to go into Forms Mode.]
There is a section in the federal screens to enter your 1099-NEC. You can either enter your nonemployee compensation so it flows to a Schedule C (self-employment income) or enter it so it flows to Other Income. It is important to note that if it is considered Other Income, you will not be able to deduct any expenses that relate to your 1099-NEC income.
For tax purposes, self-employment income includes any part-time businesses or "side work" performed in which you are in business for yourself, rather than another person. You are also considered self-employed if you engage in business-like activities where you intend to make a profit.
To enter your 1099-NEC, please follow the steps below:
- Open your return.
- Search for 1099-NEC with the magnifying glass tool at the top of the page.
- Click on the Jump to 1099-NEC link at the top of the search results.
- Click Add a 1099-NEC.
- Enter the information as shown on your form.
- On the page titled Guess what? You can deduct expenses for the example work choose Yes, I have expenses to deduct (if you would like it to flow to a Schedule C) or No, I don't have expenses related to this income (if you would like it to flow to Other Income.
- If you choose to have this income flow to a Schedule C, you will see a page titled Self-employed 1099-NEC Income. You can select the Schedule C you are inputting this income for. If this is a new Schedule C for this year, you can add a new business on this screen.
thanks. by working on TT Deluxe, and by a reply, I found I could add my 1099-NEC by switching to forms view. Aso, I was able to delete a 1099-MISC that was populated from my previous year's return also while in the forms view. Then, also in forms view, I was able to add expensed directly onto Sch C. This work around with TT Deluxe worked for me -- of course my tax situation is very small and simple. for a more complex return it may be better to upgrade your Deluxe.