topic Hello! I receive a 1099 for 2 companies but also work for myself. Do I need to mark the payments I receive from the 1099 companies as "income" on quickbooks? in Get your taxes done using TurboTax

Hello! I receive a 1099 for 2 companies but also work for myself. Do I need to mark the payments I receive from the 1099 companies as "income" on quickbooks?

samanthalynnbowe — Fri, 31 Jan 2020 14:20:41 GMT

Re: Hello! I receive a 1099 for 2 companies but also work for myself. Do I need to mark the payme...

DianeC958 — Fri, 31 Jan 2020 14:36:59 GMT

Yes, since you are receiving a 1099-Misc from these companies it adds to your business income. You also want to make sure that you are taking any related business expenses for that income. You can report all of the income and expenses as 1 business.

Link to more information about Reporting Self-Employment Business.

Re: Hello! I receive a 1099 for 2 companies but also work for myself. Do I need to mark the payme...

samanthalynnbowe — Thu, 13 Feb 2020 18:29:03 GMT

Thank you for your reply!

I am noticing that it seems to almost be doubling the income I am "receiving" as I am claiming the payments I get weekly as business income, then submitting the 1099 at the end of the year. It's accounting for the same payments twice in this way. Any suggestion as to how I can mark them instead?

Thanks again!!

Re: Hello! I receive a 1099 for 2 companies but also work for myself. Do I need to mark the payme...

MayaD — Thu, 13 Feb 2020 18:43:02 GMT

Form 1099 MISC reports income earned as independent contractor during the year. If the payments you received weekly is from one the companies that sent you the 1099 form, then those payments are included in the income on the 1099 MISC form and you don't need to report it again on your Tax return.

Re: Hello! I receive a 1099 for 2 companies but also work for myself. Do I need to mark the payme...

samanthalynnbowe — Thu, 13 Feb 2020 20:29:36 GMT

Exactly the validation I was looking for! Unfortunately I was limited in the amount of letters in the initial question and was unable to be as thorough. It's safe to say I can exclude these weekly transactions. Thank you so much for your reply Maya!