☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Mar 4, 2022 4:33:46 AM

1099 NEC or MISC

I manage a set of baseball season tickets and sold 10 games to my former employer at cost.  They have issued me a 1099-NEC for the cost of the tickets.  I do not make money from this endeavor and I am not a consultant for them.  Should this be reported on a 1099-MISC instead?  And how do I report that I did not make any profit (ie Cost of Goods Sold = amount of payment).  Thank you for any assistance.

0 1 843
1 Best answer
Expert Alumni
Mar 4, 2022 7:18:34 AM

You will enter your 1099-NEC as self-employed income on your return.  You will then have an expense of the cost of the tickets providing a net-zero transaction.

 

To enter your 1099-NEC please follow these steps:

  1. Open or continue your return in TurboTax
  2. Search for self employment 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 2021 self-employed work summary page, select Review next to the work you're adding income for

1 Replies
Expert Alumni
Mar 4, 2022 7:18:34 AM

You will enter your 1099-NEC as self-employed income on your return.  You will then have an expense of the cost of the tickets providing a net-zero transaction.

 

To enter your 1099-NEC please follow these steps:

  1. Open or continue your return in TurboTax
  2. Search for self employment 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 2021 self-employed work summary page, select Review next to the work you're adding income for