How do you complete two 1099's on one form?

[islandgal1955]

I only have 1099's.  This year I have two as I changed my joint to etf's I have the first one and the second is due next week. How do I figure them on Turbo tax?

[xmasbaby0 · Accepted solution]

There are over a dozen kinds of 1099's.  What kind are you trying to enter?   1099NEC?  1099R?  1099E?  1099B? SSA1099?  etc etc. etc.   If you have two of the same kind, you just enter the first one and then click that you need to Add one.   If you are filing a joint return make sure you enter the 1099 under the correct spouse's name.

[fanfare · Accepted solution]

TurboTax supports more than one 1099, of any type.

[VolvoGirl]

Are you trying to prepare 1099NEC or 1099MISC to give to people you paid?  What is due next week?  What do you mean.....I changed my joint to etf's  ?

Oh, if you mean you are expecting another 1099NEC for self employment income you don't need it.  Actually you can just enter your Total Income 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.  

[islandgal1955]

Thank you Volvogal but I think I have it.  I received a 1099 composite and will receive my 1099R 0on the seventieth.  I will combine the numbers.  May have to wait for some ETF'S to come in.

[islandgal1955]

Found out real info from Schwab and there will be two 1090's and I should follow the link in Turbo Tax to connect with Schwab and it will be all done for me.  No problem I hope.  

[islandgal1955]

I will just click on the link to mySchwab account.  Turbo Tax will take it from there.

[GeorgeM777 · Accepted solution]

The 1099s that you reference in your post are two different forms.  A 1099 Composite combines several different 1099s, such as 1099-DIV, 1099-INT, and 1099-B.  The 1099-R relates to a distribution from a retirement account.  

You will probably be able to upload your 1099 Composite into the TurboTax application.  You will likely have to manually enter your 1099-R information.

When you upload your documents, check the entries to ensure that what you see in TurboTax is consistent with what you see on your 1099 Composite. Additionally, you may get a Supplemental 1099 Composite that will likely contain updated information, and thus, you may need to go back into TurboTax to make some adjustments to items previously uploaded.  You can always check with Schwab regarding whether there are any Supplements to your 1099.  If there are none, then you likely will not have to worry about making any adjustments.  

@islandgal1955

[islandgal1955]

I have one 1099 that i sold all stock and joined Schwab Intelligent portfolio with a new account number, (ETF'S)

This results in two 1099's.  I will know how it will all come out on the 17th.

Thanks for your message