How do I file a 1099-NEC

[JoannaB2]

Yes. You need to file self-employment income reported on 1099-NEC on your 2020 income tax return.  In Turbo Tax, follow the steps below to enter 1099-NEC:

1. Under Income and Expenses, jump to Self-employment Income and Expenses, click start.
2. There are questions along the way and must be answered to get to "Lets enter the income for (your income).
3. Choose 1099-NEC, new IRS form for non-employee compensation (replaces 1099-MISC).
4. Click continue to enter your FORM 1099-NEC

[datalore41]

I have a question along these lines of 1099-NEC. I filled in my 1099-NEC info from box one into the appropirate page for NECs. Turbotax; however, when I am on the dashboard page for income from my 1099-NEC shows as zero even though I entered a value on the 1099-NEC page! What is going on and why is it showing as zero on my income page???

[DaveF1006]

Because after you entered your expenses during the year, that brought your taxable income to zero. It sounds like your income and expenses were exactly the same.

[datalore41]

Ummm, not exactly the same, but my expenses were about a hundred less than the amount in box 1 and my 1099-NEC. My expenses usually come close to business income, but in previous year when reported on 1099-MISC I would still see the full amount that I entered (from I think box 7 on the MISC) next to the 1099-MISC section on the TT's income page. I called in and asked a a rep about this and he said it gets rolled in to the business income and expenses section or something  in some kind of way..., didn't quite understand it myself. Just the way it was done with the NEC this year kind of threw me for a loop. I guess as long as everything on my actual tax forms is copacetic, it's no big deal I guess! 

[LinaJ2020]

Here are the steps:

In TurboTax online, 

• Sign into your account, select Pick up where you left off
• From the upper right menu, select Search and type in 1099nec and Enter
• Select the Jump to 1099nec
• Follow prompts

Beginning with the 2020 tax year, the IRS will require business taxpayers to report nonemployee compensation on the new Form 1099-NEC instead of on Form 1099-MISC. Businesses will need to use this form if they made payments totaling $600 or more to a nonemployee, such as an independent contractor.  This was done to help clarify the separate filing deadlines on Form 1099-MISC and the new 1099-NEC form will be used starting with the 2020 tax year.

One of the most common reasons you’d receive tax form 1099-NEC (Form 1099-MISC in prior years) is if you're self-employed or did work as an independent contractor during the previous year. The IRS refers to this as “nonemployee compensation.”

• In most circumstances, your clients are required to issue Form 1099-NEC when they pay you $600 or more in any year.
• As a self-employed person, you're required to report your self-employment income if the amount you receive from all sources totals $400 or more.  For more information, click here: 1099-NEC

@taxfile2019rb