Hi,
I am a self employer and issue the 1099 NEC to the contractor of $$ for helping my work. Where should I enter/report the $$ expenditure on TT home and business?
Thank you.
1099NEC goes under Contract Labor schedule C line 11.
Go to Business tab- then Continue
Choose Jump to Full List -or I'll choose what I work on
Then…..
Business Income and Expenses - Click the Start or Update button
Then click EDIT by the business name and the next screen should be a list of topics,
Business Profile, Income, Inventory/Cost of Goods Sold, Expenses, Assets, and Final Details last.
Under Business Expenses, Click Start or Update by Other common business expenses
Depending on what you paid the contractor for, (materials? labor? both?) you'll enter it in the appropriate business expenses category. There's nothing special for this just because you issued them a 1099-NEC.
1099NEC goes under Contract Labor schedule C line 11.
Go to Business tab- then Continue
Choose Jump to Full List -or I'll choose what I work on
Then…..
Business Income and Expenses - Click the Start or Update button
Then click EDIT by the business name and the next screen should be a list of topics,
Business Profile, Income, Inventory/Cost of Goods Sold, Expenses, Assets, and Final Details last.
Under Business Expenses, Click Start or Update by Other common business expenses