topic Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing! in Get your taxes done using TurboTax

Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

roperwin1544 — Sun, 06 Dec 2020 22:05:30 GMT

I downloaded Turbo Tax Home & Business 2020. In the 1099 MISC, Box 7 - it is missing?! All is says by the box is N/A. It's surreal that Box 7 is completely missing??

Please help as I can't figure out my tax as TT won't allow me to put an amount into Box 7

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

Anonymous_ — Sun, 06 Dec 2020 14:47:38 GMT

@roperwin1544 wrote:

I downloaded Turbo Tax Home & Business 2020. In the 1099 MISC, Box 7 - it is missing?! All is says by the box is N/A. It's surreal that Box 7 is completely missing??

Please help as I can't figure out my tax as TT won't allow me to put an amount into Box 7

A new form (1099-NEC) has replaced Box 7 of Form 1099-MISC.

See https://www.irs.gov/pub/irs-pdf/f1099nec.pdf

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

M58 — Sun, 06 Dec 2020 14:56:54 GMT

where in home and business 2020 should 1099-NEC be entered?

There is no mention of 1099-NEC.

(I used Business Income - General Income for running an estimate.)

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

Critter-3 — Sun, 06 Dec 2020 15:01:55 GMT

Look again in the Sch C income section ...

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

M58 — Sun, 06 Dec 2020 15:12:23 GMT

I don't see that.

Here's what I see:

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

Critter-3 — Sun, 06 Dec 2020 15:16:36 GMT

Did you update the program yet ? And FYI ... you never have to enter in all the 1099 forms in the program ... that exercise is ONLY for your benefit since the IRS gets one amount on the Sch C. So you can use the General Income section and make ONE total annual income amount and skip the 1099 entries completely.

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

Anonymous_ — Sun, 06 Dec 2020 15:54:56 GMT

@Critter-3 Is your screenshot from the online version of TurboTax? I have 2020 Home & Business installed and there is no 1099-NEC option in Step-by-Step mode.

There is, however, a 1099-NEC worksheet in Forms Mode. I can only guess that the developers have not yet added the selection in the interview yet.

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

Critter-3 — Sun, 06 Dec 2020 16:12:33 GMT

Not a surprise if you have updated the program recently and it is not like the online program yet ... and again you do NOT need that form at all. Just enter one total income in the general section and call it quits.

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

Anonymous_ — Sun, 06 Dec 2020 16:17:15 GMT

@Critter-3 wrote:

... and again you do NOT need that form at all. Just enter one total income in the general section and call it quits.

Actually, that should be made perfectly clear in the program as it all winds up on Line 1 of Schedule C.

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

Critter-3 — Sun, 06 Dec 2020 16:23:32 GMT

Well they don't make it clear as the program is written for the uneducated DIY user and if they did not have places for each of the forms the uneducated user get confused even further. So be glad I was able to educate you on how not to waste time and effort. Of course if you would read the IRS instructions for the Sch C it would also give you this handy hint.

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

M58 — Sun, 06 Dec 2020 16:45:54 GMT

I installed and immediately updated.

I already did what you suggested. Thanks for confirming this as an acceptable input method.

I think TT H&B should make mention of 1099-NEC in future revisions.

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

M58 — Sun, 06 Dec 2020 16:49:13 GMT

I thought we bought Turbotax so that we wouldn't have to read and still not understand IRS documents. 😄

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

Critter-3 — Sun, 06 Dec 2020 16:54:04 GMT

Between now and the end of February there will be updates at least weekly so update often. Once you file shut off the auto update prompting.

And if you don't already know :

This is my mini version of a tutorial that should be in the downloaded program:

What is Forms Mode?

Forms Mode lets you view and make changes to your tax forms "behind the scenes."

If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.

Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.

Related Information:

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

>>>In the TurboTax CD/Download software by creating a test copy:
1. Open your return in TurboTax.
2. From the File menu, choose Save As.
3. Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name).
4. Click Save. You are now safely working in the test copy and anything you do here will not affect the original.
https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

>> use the WHAT IF tool:
- Click Forms Icon (upper right of screen) or Ctrl 2 (forms view)
- Click on the Open Form Icon
- In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form
- You will see the worksheet on the right side of the screen; enter the information right into the form
- To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:

From the File menu in the upper-left corner of TurboTax, choose Save As (Windows) or Save (Mac).
Browse to where you want to save your backup.
- Tip: If you're saving to a portable device, save it to your computer first to prevent data corruption. Then, after completing Step 4, copy or move the backup file to your device.
In the File name field, enter a name that will distinguish it from the original tax file (for example, add "Backup" or "Copy" to the file name)
Click Save and then close TurboTax.
Restart TurboTax and open the backup copy to make sure it's not corrupted. If you get an error, delete the backup and repeat these steps.

If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.

Related Information:

AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :

AND protect the files :

How can I protect the tax files on my computer?

Always remember to shut off the auto update function once you have filed your returns and do not do any updates unless you have safeguarded the PDF & .taxfiles to a removable storage unit for safekeeping. Click on ONLINE then Update Preferences.... don't be afraid to click on all the menu headings to find all the goodies that are hiding.

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

roperwin1544 — Sun, 06 Dec 2020 22:02:51 GMT

I am still lost...when I receive a 1099 MISC, it shows in Box 7 an amount that I am supposed to enter. Even TT shows in the pictorial that you insert the dollar amount in Box 7. However, look at the screenshot that I posted of TT for MISC 1099. How am I supposed to enter income when Box 7 is missing.

Btw, I've updated the program, restarted, updated...and still have the same issues

1099-MISC

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

roperwin1544 — Sun, 06 Dec 2020 22:06:39 GMT

I don't see that. I've updated the program and it still shows the same thing

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

Critter-3 — Sun, 06 Dec 2020 22:11:32 GMT

Ok ... the OLD 1099-misc box 7 is now on the NEW 1099-NEC box 1 ... this is new starting with 2020 returns.

Back up to this screen where you add in the Sch C income and look at the options again ... first one is the new NEC form. Do not use the 1099-misc screen for any box 7 income ... it is no longer valid.

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

Critter-3 — Sun, 06 Dec 2020 22:13:29 GMT

@roperwin1544

Where are you in the business tab ? Are you completing the Sch C or Sch E section?

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

VolvoGirl — Sun, 06 Dec 2020 22:14:01 GMT

You have to wait for a program update to add the 1099NEC to the step by step interview. Switch to Forms Mode and open the 1099NEC there as someone posted above.

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

macuser_22 — Sun, 06 Dec 2020 22:18:45 GMT

@roperwin1544 When you receive the 2020 1099 for "non-employee compensation" is will not look like it did before. No longer will it be on a 1099-MISC in box 7 - it will be on a new 2020 1099-NEC form that the IRS is still working on and has not released yet. There are a LOT of tax form changes for 2020 and the IRS is very slow to finalize them.

Re: Box 7 of 1099 MISC in Turbot Tax 2020 Home & Business is missing!

fanfare — Sun, 06 Dec 2020 23:10:33 GMT

how can payers send you a 1099-NEC if the IRS is still working on it ?

OK, still a few weeks to go ...

Do payers know this ? ...