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

1099-NEC

Buckerou — Thu, 11 Feb 2021 20:55:03 GMT

Why does Turbo Tax not consider a 1099-NEC as Earner Income? I'm trying to add to a Roth IRA and TT is telling me I have NO Earned Income, when I do. I have money earned on a 1099-NEC that is considered Earned Income. Please fix your TT program.

Re: 1099-NEC

Bsch4477 — Thu, 11 Feb 2021 21:50:05 GMT

Be sure to complete Sch C. If you have a net income on that schedule you will have earned income

Re: 1099-NEC

Buckerou — Sun, 14 Feb 2021 13:57:04 GMT

I understand what you are saying if you have expenses, but what if you don't? The amount on form 1099-NEC is earned income for performing a service; in my case, writing reviews for Amazon Vine. I try out the product and write up a review/opinion of the said product. I could lie and say I had expenses to do so but? So shouldn't it show up on TT as earned income and therefore allowing me to add money to my IRA? Now it tells me I had 0 earned income. It worked perfectly when they used the 1099-MISC

Thank You

Re: 1099-NEC

Bsch4477 — Sun, 14 Feb 2021 15:40:52 GMT

You haven’t said whether you linked with Sch C which is the way the IRS knows you had earned income. In terms of expenses do you use a computer and internet for your business? You can deduct the portion you use for business. You can also deduct health insurance premiums you paid.

Re: 1099-NEC

Buckerou — Sun, 14 Feb 2021 15:48:02 GMT

No I did not link Schedule C because I merely write some reviews for Amazon Vine service. What expenses does that incur? I hadn't linked Schedule C (unless TT did it automatically) other years when I was paid with a 1099-MISC and it was counted as earned income then. This is the only earned income I have as I am retired. I have added to my IRA in the past using this figure as the amount I can add to my Roth IRA. If I can't do it, then I can't. I wasn't aware that I had to do a Schedule C before this year.

Thank You