If all the income actually belonged to your company then all income could have been reported on your business return. The income can be transferred to the business through a nominee distribution.
That being said, to report the 1099-NEC on your personal return you will add the income on Schedule C as self employment. If you are using TurboTax CD/Download you do not have to upgrade.
- Sign into your TurboTax account > Use the Search (upper right) > type 1099nec > Press Enter
- Click on the Jump to... link
- Begin to enter your form
If you are using TurboTax Online you will have to upgrade to TurboTax Self Employed. TurboTax will walk you through the upgrade.
Nominee returns. (For current or future use)
Generally, if you receive a Form 1099 for amounts that actually belong to another person or entity, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received). You must also furnish a Form 1099 to each of the other owners.
File the new Form 1099 with Form 1096 (this is a transmittal for the 1099) by mailing to the Internal Revenue Service Center for your area. (Provided on the Form 1096)
- On each new Form 1099, list yourself as the payer and the other owner, as the recipient. On Form 1096, list yourself as the nominee filer, not the original payer. The nominee is responsible for filing the subsequent Forms 1099 to show the amount allocable to each owner.
If you choose here is the TurboTax program for creating 1099s.
The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms here:
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