in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
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A 1099NEC is for self employment income. Why did you get it? 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 expenses
It depends.
Did you have an employer during the year and received a W-2?
What was the 1099-NEC issued for? Was it from your employer or did you work for someone else on the side who issued you a 1099-NEC form?
Form 1099-NEC is generally issued if you received more than $600 as payment for nonemployee compensation. It would not be related to your work as an employee.
If you did work on the side and received the 1099-NEC forms, you could be considered self-employed. This would be the only way to deduct any expenses associated with that income. One of the main factors used to determining whether an activity is a business or not would be the intent to make a profit. If you operated to make a profit, your activity would be considered as being from self-employment. Please see the link below for more clarification to assist you.
Please see the link below to help you determine if this was from a business.
Self employment income and expense guide
Thanks. I had a W-2 job, and two contract jobs that I received a 1099-NEC from last year that paid me for my work. The only expenses I have is having to buy a cell phone to do my work for one job, and buying a laptop for another. I also paid for internet, a phone bill, and other supplies.
You can deduct supplies and part of your phone and interest bill; as for the cost of a phone and a laptop, those items have to be entered as business assets and deprecated. When you answer question about your business/self-employment income and expenses, TurboTax will help to navigate you to the right section where you can enter your assets.
There is a short cut how to enter your self-employment income and expenses in TurboTax:
Thanks all, for your help.
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