topic Re: 1099-MISC in Get your taxes done using TurboTax

1099-MISC

Snowy61 — Thu, 25 Jun 2020 03:12:05 GMT

I received a 1099-MISC with non employee compensation for purchases in excess of $5000. Is this qualified business income? Should the business name be my name and address or the the company name on the 1099-MISC?

Re: 1099-MISC

AnnetteB6 — Thu, 25 Jun 2020 03:40:20 GMT

When you are entering the information about your business on Schedule C, use your own name and address (or the name of your business if there is a separate name), not the name of the company shown on the Form 1099-MISC.

If you are a sole proprietor filing Schedule C, then your income is qualified business income unless you fall into a category of SSTBs (Specified Service Trade or Business) whose total taxable income exceeds $157,500 ($315,000 if filing jointly).

To learn more about the Qualified Business Income deduction, see the following TurboTax article:

What is the Qualified Business Income (QBI) deduction?

@Snowy61

Re: 1099-MISC

Snowy61 — Thu, 25 Jun 2020 03:46:00 GMT

How do I go back and change the address and double check the QBI? The business that paid me the money is not an SSTB.

Re: 1099-MISC

Snowy61 — Thu, 25 Jun 2020 22:23:48 GMT

I'm using Turbo Tax premier and need to change the QBI selection and the address on the Schedule C. My return is ready to file (federal and state) but I want to edit these answers first on the federal form. How do I do that?

Re: 1099-MISC

DavidS127 — Fri, 26 Jun 2020 19:56:01 GMT

To make changes to your self-employed business entries, you go back to the self-employed income section (Income>>Business Income and Expenses Schedule C, Form 1099-MISC>>Update). Edit the business you need to change.

Change the business address in the Business Profile section.

Then, if you are using TurboTax Download/CD, when you are back to the "Your [type] Business" summary screen, click Continue at the bottom and you'll revisit the QBI questions for your self-employed business, including the SSTB question.

If you are using TurboTax Online, the SSTB screen shows up after you have finished the Deductions and Credits section, and is entitled “Does your [business type] work apply to one of these fields or professions?”.

@Snowy61