topic Which verison of Turbo Tax do I need? 1099-NEC in Get your taxes done using TurboTax

Which verison of Turbo Tax do I need? 1099-NEC

saegan — Thu, 25 Mar 2021 23:00:41 GMT

I have a fairly simple tax return, with a W2, but I received a 1099-NEC for the $600 I was paid during a summer job. I am having trouble trying to figure out which version of Turbo Tax I need? I know with a 1099, I will need to pay both sides of SS being self-employed. I am afraid of buying the wrong version and then having to pay to get the next one, but I don't want to overpay either. I make less than 50k a year, put money in an IRA, don't own a home or rental property, no children, if that helps.

Thank you!

Re: Which verison of Turbo Tax do I need? 1099-NEC

ErnieS0 — Thu, 25 Mar 2021 23:22:33 GMT

Choose TurboTax Online Self-Employed or TurboTax CD\Desktop Home and Business.

Those are the the two products that handle self-employed income and expenses.

Re: Which verison of Turbo Tax do I need? 1099-NEC

ChessPlayer — Thu, 25 Mar 2021 23:26:37 GMT

No, no, no.

For only $600, the Deluxe version is all you need.

Re: Which verison of Turbo Tax do I need? 1099-NEC

LinaJ2020 — Fri, 26 Mar 2021 03:17:41 GMT

If you received a non-employee compensation, the IRS very likely considers you as self-employed. You will report Form 1099-NEC on a Schedule C and the net profit or loss will show on line 8 of your Schedule1 and Form 1040.

If you do not have any related expenses to deduct, the Deluxe online version will be good enough. However, if you have expenses, you will need the TT Self-employed online version. The major difference between TurboTax desktop and online versions is the desktop gives you option to view all the tax forms in the "'Forms Mode" as you enter the information. It allows you to go back and forth between the forms and step-by-step interview screen/ questions. The online version does not allow that and you will have to pay at the end before you can view and print the forms.

Re: Which verison of Turbo Tax do I need? 1099-NEC

VolvoGirl — Fri, 26 Mar 2021 03:21:26 GMT

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

ps..... I would Just enter it as Other self employment income or as Cash or General income. You don't need to get a 1099NEC or 1099K. Even if you did you can enter all your income as Cash. Only the total goes to schedule C.

Re: Which verison of Turbo Tax do I need? 1099-NEC

sb1968 — Thu, 15 Apr 2021 18:21:33 GMT

I bought the Premier Turbo Tax and I have a 1099-NEC. Will this version not handle a 109-NEC. What do I do?

Re: Which verison of Turbo Tax do I need? 1099-NEC

DoninGA — Thu, 15 Apr 2021 18:26:35 GMT

@sb1968 wrote:

I bought the Premier Turbo Tax and I have a 1099-NEC. Will this version not handle a 109-NEC. What do I do?

Using the TurboTax desktop Premier edition -

For a Form 1099-NEC -

Click on Federal Taxes

Click on Wages & Income

Click on I'll choose what I work on (if shown)

Under 1099-MISC and Other Common Income

On Income from Form 1099-NEC, click the stat or update button