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Form 1099-NEC new way to report self-employment income instead of Form 1099-MISC. Please follow these steps to enter your 1099-NEC income:
Please see What is Form 1099-NEC? if you want to learn more about the new form.
I'm using the 2020 Home & Business CD. I don't see a place for 1099-NEC, just 1099-MISC. Where do you enter a 1099-NEC?
Same place as the 1099-Misc. Make sure your software is up to date. You can do this by clicking "Online" in the top menu bar then "Check for Updates". Under the "Business and Income" screen Start Business Income. There you will see the input for the 1099-NEC Start. Continue through the screens to enter the 1099-NEC.
The 1099-NEC is a new form for the 2020 tax year. The NEC represents Non Employee Compensation and will be used for business payments to individuals going forward.
When I log into TurboTax and type what you said to type in the search bar, I get no "jump to" response. Am I in the wrong place?
Edit: I got there
So how do I get to that place when I'm not using TT online? John
The search and Jump to link is still available in TurboTax Desktop.
Continue to enter your information. You can also choose to enter the income as cash in your business entry. The form entry is not required by the IRS, only that all income is reported that was collected. Whichever method you choose keep the form with your other tax records.
See the image below.
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