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

1099-NEC?

Anonymous — Sun, 22 Nov 2020 03:38:04 GMT

Where in Turbotax H&B desktop does one enter 1099-NEC?

Business income page shows only 1099-MISC.

Or is the product still out of date?

Re: 1099-NEC?

Anonymous — Sun, 22 Nov 2020 03:47:51 GMT

this is a new IRS form. currently there is no way to enter it. you'll have to wait for TT update. when you ask. TT has not announced the date as yet.

Re: 1099-NEC?

Anonymous — Sun, 22 Nov 2020 03:51:03 GMT

That's just great. Taxcut has it in ther program now (but they've got other issues, unfortunately).

Re: 1099-NEC?

Critter-3 — Sun, 22 Nov 2020 13:46:23 GMT

Turbotax is an incomplete program and it will not be fully operational until sometime in January or February for some things like states. The program will undergo weekly updates as they complete sections ... this happens every year without exception.

ANY tax software released by any company prior to about January 15 is only released for marketing and market share. No program is complete and ready to file until the IRS approves their final forms and then individually reviews each program's implementation of the form. And some tax situations aren't able to be filed until February or March, again mostly due to IRS delays.

NOW ... can I give you a hint ... you NEVER need to enter in the 1099 in the Sch C section at all ... the program does this for your use only since the IRS only gets a total of your income on the Sch C not all the 1099 info you enter. Skip that screen and use the next one ...

Re: 1099-NEC?

Anonymous — Thu, 17 Dec 2020 17:56:18 GMT

That is what I am doing now. However, a new issue is that now Turbotax *does* have a place to add 1099-NEC (under Personal->Other Common Income).

However, if I do so, I have to add a *new* business for that 1099-NEC. There is no option to use an existing business (predefined, imported from previous years), which tracks various items like depreciation and home office.

I can only hope that Intuit eventually figures it out and fixes the problem.

Re: 1099-NEC?

NCperson — Thu, 17 Dec 2020 18:23:06 GMT

@Anonymous - are you trying to estimate? then I would suggest using the 1099-MISC....all they did was peal off some information that used to appear on the 1099-MISC and put it on the 1099-NEC

if you are working with the downloaded version, the 1099-NEC is there.

Re: 1099-NEC?

Anonymous — Sat, 19 Dec 2020 02:24:24 GMT

I am using a downloaded program, and 099-NEC *is* there, as I posted above.

However, there is a bug in implementation.

Let's say you have an existing business set up in previous years, that is imported into this year's tax, and if that business until now was using 1099-MISC, and this year will receive 1099-NEC instead. When 1099-NEC is added (in "personal income"), Turbotax will only give an option to create a new business to attach that 1099-NEC to. The verbiage on that page suggests that there should be an option to select an existing business, but none of the existing business entities appear or can be selected.

If the business entity is used to track depreciation, or simply to compare YOY values - that won't work, as Turbotax forces user to create a new business to use 1099-NEC.

I hope they fix this soon.

On my end this is the first year when I am running Turbotax and HRBlock software side by side, and frankly HR Block is doing a better job so far (except for a single issue where Turbotax is ahead). HR software doesn't have this strange problem with 1099-NEC - simply lets me add that to an existing business, just like 1099-MISC.

Re: 1099-NEC?

Nzi95002 — Sun, 27 Dec 2020 20:06:14 GMT

I have the same issue. There has to be an option in the business section carried over for 2019 to add the 1099-NEC and not create a new business.

Re: 1099-NEC?

auc476 — Fri, 01 Jan 2021 23:17:58 GMT

TT Home & Business won't import all of my previous years' 1099s either. I had 15 or so, and I need to keep 10 of them. I do NOT want to re-enter them all over again! And will the program recognize that they're now 1099-NEC instead of 1099-MISC? I have a horrible feeling it won't.

Re: 1099-NEC?

VolvoGirl — Fri, 01 Jan 2021 23:55:56 GMT

1099NEC you receive or ones you need to issue? I just installed my Home & Business program and it let me transfer 2019 1099Misc into the 1099NEC form to give to my sub contractor.

Re: 1099-NEC?

Nzi95002 — Sat, 02 Jan 2021 04:10:19 GMT

1099-NECs you receive. It doesn't roll the information over from previous year's 1099. In actually it looks like you have to create your business all over again.

Re: 1099-NEC?

Mike9241 — Sat, 02 Jan 2021 06:56:45 GMT

i don't think TT has updated its software to handle 1099-NEC as of this date. this is a new form for 2020 that replaces 1099-MISC for nonemployee compensation. you can't enter nonemployee compensation on the 2020 1099-MISC.

Re: 1099-NEC?

ghsbiz — Wed, 27 Jan 2021 22:17:06 GMT

You have to use the TT software for each specific year of returns you are wanting to open.

Re: 1099-NEC?

PattiF — Thu, 28 Jan 2021 00:56:33 GMT

Yes, you will find the form in Forms Mode.

Click the Open Form button on the upper left side of the screen and then type "1099" in the search box. You should see a list of forms including the 1099-NEC Worksheet.

Re: 1099-NEC?

John H3 — Sat, 06 Feb 2021 01:19:35 GMT

My 1099 NEC keeps getting flagged in my federal review. It then takes me to a Sched. C box that's empty and it says "double click...". Everything in my taxes is correct, but it won't get me pass this review. Turbo Taxes system is not prepared for the new 1099 NECs. Please advise on how to get around this or let me know when it's fixed.

Re: 1099-NEC?

DawnC — Sat, 06 Feb 2021 01:30:58 GMT

Some TurboTax Online customers are getting the error below when attempting to link their Form 1099-NEC. If you are experiencing this issue, please sign up here for email updates as we are working on the issue. You will be notified by email when it has been resolved. @John H3

Check This Entry

Form 1099-NEC Worksheet (XXXXX): A link to Schedule C or another form is something we need to get your info in the right place.

The 1099-NEC is new this year - it replaces the 1099-MISC-Box 7 forms. All of the entries for the 1099-NEC are new in all software.

Re: 1099-NEC?

amanda65 — Sun, 07 Feb 2021 15:30:12 GMT

That is exactly what mine is doing. Please let me know if you figure anything out.

Re: 1099-NEC?

KathrynG3 — Mon, 08 Feb 2021 20:32:52 GMT

For the 1099-NEC, since the trouble is linking it to your Schedule C or another form, then please Sign Up here for email updates. TurboTax is working on this issue.

If you would rather enter it as other income for self-employment income and expenses, follow these steps:

First, use the search for 1099-NEC and click the Jump to link.
- When you see Form 1099-NEC, click the Trash can Icon to delete it
Next, re-enter the income by searching for schedule c and clicking the Jump to link
- Add income for this work as Other self-employed income and Continue
- Describe the Type of Income as Form 1099-NEC, including the EIN and business name, too.
- Enter the Amount and click Continue
- If there are no other adjustments, scroll down and select Done
- Follow through the rest of the interview and select Done with Income.

Form 1099-NEC is a new form for non-employee compensation that replaces what used to be reported on Form 1099-MISC, Box 7 in the past. For more details, see What is Form 1099-NEC?

1099-NEC - includes income and expenses

katole100 — Sun, 07 Feb 2021 17:38:54 GMT

I have received a 1099-NEC which includes payment for work performed, and re-imbursement for travel expenses.

How do I take care of this in my 2020 taxes (in turbotax) ?

Re: 1099-NEC - includes income and expenses

VolvoGirl — Sun, 07 Feb 2021 18:07:01 GMT

That is for self employment. You enter the full 1099NEC as income on Schedule C. Then enter your expenses. You get taxed on the Net Profit.

You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or use any of the Desktop CD/Download programs.

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653