Business Income Question

[Bpex]

I received a couple 1099-NECs. Besides that all checks, cash, and a few payments made with credit cards/direct bank debits through my Wave accounting software (which cannot be imported due to it being csv/pdf).

I should not enter my P&L's total income anywhere, but all the separate sections in "Business Income" should add up to what my P&L for the year is showing? Same for the next two sections "costs of goods sold" and "business expenses"- they should match my P&L if all done correctly?

Can I put all of my business income (minus the 1099-NECs) under "Other Income", or do I have to find and add up all the credit card/direct bank payments and put then under "General Income"?

[AliciaP1]

You are not required to enter the specifics of the 1099-NEC since this info does not get reported in detail to the IRS from your Schedule C.  You can enter all your income from your P&L as one entry if you would like.

To do this in TurboTax Online you can follow these steps:

1. Open or continue your return in TurboTax
2. Search for self employed income (use this exact phrase, don't add a hyphen) and select the Jump to link at the top of the search results
3. Answer Yes on the Did you have any self-employment income or expenses? screen
   • If you land on the Your 2022 self-employed work summary page, select Review next to the work you're adding income for
4. Answer the questions on the following screens until you arrive at Let's enter the income for your work
5. Scroll down to the Income section and click Add income for this work
6. Choose Other self-employed income and Continue
7. Here you can list your total business income.

[Bpex]

Thank you.

I have TurboTax Home & Business Desktop. How would I enter the entire P&L as described without separating everything out?

Does that mean I do not even have to enter the 1099-NEC separately and can just include them in one total income number? I believe I have one that has not made it's way to me yet, but of course the income from that is already included in my software and the P&L. So that would simplify things quite a bit.

[AliciaP1 · Accepted solution]

Yes, you can just enter 1 line item for your total annual revenue and do not need to enter any details about the 1099-NECs as long as you report all your income and as self-employment income.

To enter Other Self-employed Income in TurboTax Home and Business you can follow the same steps outlined in my previous post.

@Bpex