Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
NETom
Level 2

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.

1 Best answer

Accepted Solutions
AliciaP1
Expert Alumni

1099 NEC or MISC

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

View solution in original post

1 Reply
AliciaP1
Expert Alumni

1099 NEC or MISC

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

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.46m
Members

2.57m
Discussions

Manage cookies
v