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"?
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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.
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:
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.
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.
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