topic Business in Business & farm

Business

curthale14 — Fri, 26 Feb 2021 15:35:15 GMT

Do I put 1099 NEC income from being self employed,1099 NEC, as business or personal Income?

Re: Business

MinhT1 — Fri, 26 Feb 2021 15:46:46 GMT

Form 1099-NEC reports your self-employed income. When you are self-employed, you are considered by the IRS as operating a business. So the income reported on form 1099-NEC is considered as business income.

Please read this TurboTax article on How to file Taxes with Form 1099-NEC.

Re: Business

curthale14 — Mon, 01 Mar 2021 02:16:04 GMT

Yes, but do I put the income under personal or business income topic? Also looking to include equipment expenses, where does that go? I see other types of expenses, but not for that.

Re: Business

Critter-3 — Mon, 01 Mar 2021 02:37:32 GMT

If you are using the HOME & BUSINESS version then it is entered in the BUSINESS tab on the Sch C section. All SE income and expenses are entered ONLY in that place. Equipment with a useful life of more than one year are called ASSETS and are entered as such.