topic Re: How do I file a 1099-NEC in Retirement tax questions

How do I file a 1099-NEC

taxfile2019rb — Tue, 28 Jan 2020 16:31:05 GMT

Re: How do I file a 1099-NEC

JohnW222 — Tue, 28 Jan 2020 16:57:28 GMT

Form 1099-NEC, Nonemployee Compensation, is currently only available as a draft IRS form.

It can't be filed yet.

Starting with payments made in 2020, non-employee compensation paid to independent contractors will need to be reported on Form 1099-NEC instead of in box 7 of

Form 1099-MISC.

Re: How do I file a 1099-NEC

ed_music_etc — Thu, 31 Dec 2020 01:27:04 GMT

This reply is untrue. The 1099-NEC is not a draft form. I've ordered them from the IRS, completed them, and administered them myself outside of Turbo Tax.

Your 1099-MISC form is the correct version, which was issued this year. A notice of this change was given in early 2020. This was no "draft" situation.

Moreover, the TurboTax Home and Business program CREATES them. How could your own product create a draft form?

So a better question: when will the product that we paid for be usable because it contains the correct 1099-NEC form? Or should I ask for a refund?

Re: How do I file a 1099-NEC

Anonymous_ — Thu, 31 Dec 2020 01:37:35 GMT

@ed_music_etc wrote:

This reply is untrue.

The reply was true on the date it was written.

Re: How do I file a 1099-NEC

x1114804 — Thu, 14 Jan 2021 00:29:47 GMT

I have installed Turbotax home and business and cannot find 1099 NEC. Where is it?

Re: How do I file a 1099-NEC

DawnC — Thu, 14 Jan 2021 00:52:54 GMT

If you received a 1099-NEC, it is entered under Business Income and Expenses. You will need to enter your business information which will create your business profile. Once you have done that, you will find the entry under Business Income which will be within the Business Income and Expenses section. It goes in the same area as the 1099-MISC and 1099-K.

If you need to prepare 1099-NEC, you will see that option when you select ''Start New Tax Return''. @x1114804

Re: How do I file a 1099-NEC

VolvoGirl — Thu, 14 Jan 2021 00:59:39 GMT

If you are not showing 1099NEC income you need to update your program. It was just added on Jan 7. Are you on Windows? Go up to Online - Check for Updates. Or do you need to prepare a 1099NEC to give to someone you paid?

Re: How do I file a 1099-NEC

Critter-3 — Thu, 14 Jan 2021 01:45:55 GMT

FYI ... you NEVER have to enter all the individual 1099 forms in the Sch C income section ... doing so is for your use only and IMHO is a big waste of time since none of that info is sent to the IRS ... all they get on the Sch C is one total amount which you can enter yourself in the GENERAL income section as ONE entry and save yourself all the time and effort. If you enter your total annual income from your records you never have to wait for any 1099 forms to come in the mail.

Re: How do I file a 1099-NEC

x1114804 — Sun, 17 Jan 2021 23:05:31 GMT

I meant that I need to prepare 1099's. Sorry I wasn't clear.

Any help?

Please and thank you.

Re: How do I file a 1099-NEC

VolvoGirl — Sun, 17 Jan 2021 23:08:42 GMT

What version are you using Online or Desktop? Windows or Mac?

To prepare W2s or 1099NEC or 1099MISC you need to use the Online Self Employed version or buy the Desktop CD/Download Home & Business program or the separate Turbo Tax Business program.

How to prepare 1099NEC 1099Misc & W2
https://ttlc.intuit.com/community/forms/help/how-do-i-create-w-2-and-1099-forms-in-turbotax/00/25869

Re: How do I file a 1099-NEC

VolvoGirl — Sun, 17 Jan 2021 23:11:17 GMT

Oh, you said you do have the Desktop Home & Business program. For Windows or Mac? They work different. Have you updated the program?

You can do them 2 different ways from the Windows Desktop Home & Business program. Either Online using Quick Employer Forms (QEF) -or- directly on your computer with the built in W2/1099 Reporter.

In the Window's Home & Business Desktop program to Prepare W2s or 1099s, click the big blue button to Start a New Return or go up to File-New Tax Return.
Then on the next screen it asks What would you like to do?

If you get a screen with 2 choices, Check the second circle that says Prepare W-2s and 1099s for my employees or contractors. Then that will expand and give you a choice to prepare them online or on your computer.

If you get a screen that says Continue your Tax Return and a box listing your returns then go up to FILE - New Tax Return again and you should get a box to pick the type of return you need to prepare. Pick US Forms W-2/1099 Reporter

Re: How do I file a 1099-NEC

cas15531 — Mon, 01 Feb 2021 01:04:24 GMT

Why is there no way to file a 1099 NEC from TurboTax. When you finish the 1099's and hit continue, you get the print and save options, hit contnue adn then you get asked if you want to purchase Turbotax Advantage. I hit continue and it takes me to a Rate Turbotax page. Where is the file button? These are due tomorrow.

Re: How do I file a 1099-NEC

VolvoGirl — Mon, 01 Feb 2021 01:33:51 GMT

@cas15531 Did you the Quick Employer Forms? If you used the Windows Home & Business program you could do them 2 ways, either online using Quick Employer Forms which efiles them or on your computer. If you did the forms on your computer you have to print and mail all the forms to the IRS.

Re: How do I file a 1099-NEC

mjem2021 — Sun, 07 Feb 2021 19:17:02 GMT

Great question! HOW?

Re: How do I file a 1099-NEC

Critter-3 — Sun, 07 Feb 2021 19:24:42 GMT

See this TurboTax support FAQ for Quick Employer Forms - https://ttlc.intuit.com/community/forms/help/how-do-i-create-w-2-and-1099-forms-in-turbotax/01/25869

Re: How do I file a 1099-NEC

JoannaB2 — Sun, 07 Feb 2021 19:46:19 GMT

Yes. You need to file self-employment income reported on 1099-NEC on your 2020 income tax return. In Turbo Tax, follow the steps below to enter 1099-NEC:

Under Income and Expenses, jump to Self-employment Income and Expenses, click start.
There are questions along the way and must be answered to get to "Lets enter the income for (your income).
Choose 1099-NEC, new IRS form for non-employee compensation (replaces 1099-MISC).
Click continue to enter your FORM 1099-NEC

Re: How do I file a 1099-NEC

datalore41 — Mon, 08 Feb 2021 23:50:29 GMT

I have a question along these lines of 1099-NEC. I filled in my 1099-NEC info from box one into the appropirate page for NECs. Turbotax; however, when I am on the dashboard page for income from my 1099-NEC shows as zero even though I entered a value on the 1099-NEC page! What is going on and why is it showing as zero on my income page???

Re: How do I file a 1099-NEC

DaveF1006 — Tue, 09 Feb 2021 00:03:31 GMT

Because after you entered your expenses during the year, that brought your taxable income to zero. It sounds like your income and expenses were exactly the same.

Re: How do I file a 1099-NEC

datalore41 — Tue, 09 Feb 2021 04:07:48 GMT

Ummm, not exactly the same, but my expenses were about a hundred less than the amount in box 1 and my 1099-NEC. My expenses usually come close to business income, but in previous year when reported on 1099-MISC I would still see the full amount that I entered (from I think box 7 on the MISC) next to the 1099-MISC section on the TT's income page. I called in and asked a a rep about this and he said it gets rolled in to the business income and expenses section or something in some kind of way..., didn't quite understand it myself. Just the way it was done with the NEC this year kind of threw me for a loop. I guess as long as everything on my actual tax forms is copacetic, it's no big deal I guess!

Re: How do I file a 1099-NEC

LinaJ2020 — Tue, 09 Feb 2021 04:24:56 GMT

Here are the steps:

In TurboTax online,

Sign into your account, select Pick up where you left off
From the upper right menu, select Search and type in 1099nec and Enter
Select the Jump to 1099nec
Follow prompts

Beginning with the 2020 tax year, the IRS will require business taxpayers to report nonemployee compensation on the new Form 1099-NEC instead of on Form 1099-MISC. Businesses will need to use this form if they made payments totaling $600 or more to a nonemployee, such as an independent contractor. This was done to help clarify the separate filing deadlines on Form 1099-MISC and the new 1099-NEC form will be used starting with the 2020 tax year.

One of the most common reasons you’d receive tax form 1099-NEC (Form 1099-MISC in prior years) is if you're self-employed or did work as an independent contractor during the previous year. The IRS refers to this as “nonemployee compensation.”

In most circumstances, your clients are required to issue Form 1099-NEC when they pay you $600 or more in any year.
As a self-employed person, you're required to report your self-employment income if the amount you receive from all sources totals $400 or more. For more information, click here: 1099-NEC

@taxfile2019rb