What is a 1099-NCE and what it means for you

[e6756aee07be]

2022

[xmasbaby0]

You get a 1099NEC for work as an independent contractor.  It is for "non-employee compensation."

If you have a 1099NEC you have self-employment income.  You need to use online Premium or any version of the CD/download software.  You will need to prepare a Schedule C for your business expenses.    You will be paying self-employment tax for Social Security and Medicare.

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_U...

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-

calculator-2021-2022-50907/https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

[xmasbaby0]

@e6756aee07be 

I just noticed the "2022" you added to your post.  You cannot put a 2022 1099NEC on a 2023 tax return.   If you received income in 2022 that is on a 2022 tax document, it has to be entered on your 2022 tax return.  If you filed a 2022 return and did not include it, you need to amend 2022 to add it to your 2022 income.

If you have not yet prepared a 2022 tax return at all:

 The current online program is for 2023 only.   Only a 2023 return can be prepared online and only a 2023 return can be e-filed.

Online preparation and e-filing for 2020, 2021, and  2022 is permanently closed.

To file a return for a prior tax year

 If you need to prepare a return for 2020, 2021, or 2022  you can purchase and download desktop software to do it, then print, sign,  and mail the return(s)

https://turbotax.intuit.com/personal-taxes/past-years-products/

You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.

Remember to prepare your state return as well—if you live in a state that has a state income tax.

https://ttlc.intuit.com/community/state-taxes/help/how-do-i-contact-my-state-department-of-revenue/0... 

When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.

Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.

Note:  The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac.  It cannot be used on a mobile device.

If you are getting a refund, there is not a penalty for filing past the deadline.  If you owe taxes, the interest/penalties will be calculated by the IRS based on how much you owe and when they receive your return and payment. The IRS will bill you for this; it will not be calculated by TurboTax.