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Level 1
posted Feb 20, 2023 2:58:32 PM

1099-MISC Box 15 Nonqualified Deferred Compensation

I received a 1099-MISC from my consulting business. The company reported my consulting income in Box 15 - Nonqualified Deferred Compensation. This doesn't seem correct. When I input this amount in TT it does not report the income. Should this amount have been in Box 3 - Other Income or should I have received a 1099-NEC instead?

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1 Replies
Expert Alumni
Feb 20, 2023 7:24:47 PM

The income should have been reported in box 1 of form 1099-NEC, assuming you received money in the current year for your services. You can ask for a corrected form 1099, but if that is not possible you can enter the income as business income not reported on a form 1099-NEC.