1099 NEC

[MBullDog]

Thanks for the reply.  It was compensation for mileage reimbursement. Does this change anything or should I still file as self-employed for this income?  Can I make deductions for the mileage? Thanks again.

[JohnB5677]

You can post your 1099-NEC as self-employed (you can make deductions against it), or as other common Income (No expenses can be taken).  It may cost you more to get the Self-employment software than it will be worth.  If you do choose to take that course please reach out to us again.

To post this as Other Incomes go to:

1. Wages & Income
2. Other Common Income
3. Select Income from a 1099-NEC
4. Enter the payer's name
5. EIN Number
6. Amount you received
7. Describe the reason for this 1099-NEC = State what it was for
8. Does one of these uncommon situations apply?
9. Click This is not money earned as an employee or self-employed individual

[Lynda Moore]

Filing a 1099NEC for my grandson and it ask for Business Name, Code, Etc.  He does not have a business.

It is also asking for a Business C Form

[VolvoGirl]

A 1099NEC is for self employment income.  Yes you are the owner of your own self employment business.  You are in business for yourself.  Use your own info.  The people or company that pays you is your customer or client.  You need to fill out schedule C for self employment business income.  You are considered to have your own business for it.  YOU are the business.

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax.  Here's a Schedule C  https://www.irs.gov/pub/irs-pdf/f1040sc.pdf

You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version or use any of the Desktop CD/Download programs.

How to enter self employment income

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

Schedule C line B Business Code is a 6 digit number for your activity.  Here are the IRS instructions for Schedule C.  Business codes start on page 18.  If you can't find a code that applies, you can enter 999999.

http://www.irs.gov/pub/irs-pdf/i1040sc.pdf

[h2owolf02111]

Great Advice!  Thank you

[redentor]

Form 1099-NEC

Delhi County Water District

I am a Board Member

I do not own it

[ErnieS0]

The 1099-NEC probably reflects your director fees and/or expense reimbursement as a board member.

The IRS says, “Corporate director fees are self-employment income. Report these payments on Schedule C (Form 1040).”

See Corporate director.

@redentor

[chuck2195]

I am the Charmain of my retiree group, (this is a voluntary non-paying position).   Two maybe three time per year I attend a conference that is part of the educational/information part of the position.  Attendance is necessary to keep all the retirees in the group updated with any changes benefits.  example, medical, pensions, 401k etc.  filing and procedures.  We have a per deim of 46 dollars per day  and 20 dollars for our return day.   Many times a meal may be furnished and that is deducted from the per-deim.  It does matter where you participate in the meal or not it is available and therefore it is deducted from the per-deim.  The rates of per-deim fall well under what is outlined in the I.R.S. codes.   Why do I receive a 1099-NEC and why am I required to file.  There is not a good explanation when I enter this info into my Turbo-Tax. 

[GeorgeM777]

Because the money you receive is income, and out of an abundance of caution the payor has decided to send all payees, regardless of amount paid, a 1099-NEC.  Based on what you have included in our post, it does not appear that this is a form of self-employment on your part.  Thus, you can report it as "other income" in TurboTax.  Here are the steps to follow to report the income as other income.

1. To enter other income in TurboTax online, click on Wages & Income, scroll down the page to Less common income, click on the drop-down arrow and select Miscellaneous Income.  
2. From the list select Other reportable income and respond to the questions on the screens that follow.   
3. If you are using TurboTax CD/download, the process is similar.  After selecting the Personal tab, then Personal Income tab scroll down the screen to Less Common Income and select Miscellaneous Income.  Enter your information. 

While you received a 1099-NEC, you my receive references in the above screens to 1099-Misc.  Just ignore those references and report your 1099-NEC as described above.  Your 1099-NEC income will appear on Schedule 1 to Form 1040 and also on Form 1040, line 8 as other income.

@chuck2195