1099-NEC Showing up under business Items

dmelby1 — Tue, 04 Mar 2025 01:08:12 GMT

The confusing part is that I don't have a registered business. I received a check from a business (for consulting work) and they sent me a 1099-NEC.

The issue is that transferring the 1099-NEC to the business section, makes me fill out a Schedule C, which makes me fill information about my business. Since I don't have a registered business, then Do I put my home information?

It seems like this could be a red-flag for the IRS, since I am putting down business information for a business that does not exist! I feel like im just making it up so that TT allows me to finish my taxes.

Re: 1099-NEC Showing up under business Items

Bsch4477 — Tue, 04 Mar 2025 01:12:53 GMT

Was the consulting a one off occurrence or is that how you generate revenue?

Re: 1099-NEC Showing up under business Items

VolvoGirl — Tue, 04 Mar 2025 01:15:13 GMT

1099NEC is self employment income.

Yes you are the owner of your own self employment business. You are in business for yourself. Use your own info. The people or company that pays you is your customer or client. You are considered to have your own business for it. YOU are the business.

You need to fill out schedule C for self employment business income and pay self employment tax in addition to regular income tax on it. The SE tax is to pay Social Security and Medicare tax that wasn't taken out like on a W2.

You use your own name and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is at risk. After you put in your income and expenses if your net profit is $400 or more you will pay 15.3% for Self Employment tax in addition to your regular income tax. The Schedule SE will be automatically filled out for it.

You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to the Premium version. Or use any of the Desktop installed programs. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions.

How to enter income from Self Employment

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

Here is some IRS reading material……

IRS information on Self Employment

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Pulication 334, Tax Guide for Small Business

http://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses

http://www.irs.gov/pub/irs-pdf/p535.pdf

Turbo Tax Self Employed Tax Hub
https://turbotax.intuit.com/personal-taxes/self-employment-taxes

Turbo Tax Self Employment info
https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

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1099-NEC Showing up under business Items

Re: 1099-NEC Showing up under business Items

Re: 1099-NEC Showing up under business Items