It may. The IRS presumes that income reported on an IRS form 1099-NEC is self-employment income reported on on Schedule C Profit or Loss from Business. The income (net expenses) may qualify for the qualified business income deduction.
Create the self-employment activity and report the IRS form 1099-NEC as income in the self-employment activity.
In TurboTax Premium Online, report income and expenses under Self-employment income, follow these steps.
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Click on the drop down arrow to the right of Self-employment.
- Click to the right of Self-employment income and expenses.
- At the screen Tell us the type of self-employment work you do, enter the answer and click Continue.
- Establish the self-employment activity and report the income and expense.
Within the self-employment activity, under Business Summary, you will answer questions about whether the qualified business income deduction is eligible for this income.
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