1099 and bank account deposits

Hi Ana!

To clarify your question, I am assuming you received a 1099- NEC form

A 1099 NEC form is the IRS form to report nonemployee compensation( that is pay from independent contractore jobs or self employment) Examples of this include freelance work or driving for companies like Uber, Lyft or Doordash

It is ok that you deposited the money you received that was reported on the 1099- NEC as it is your personal pay for the work you performed.

However, you do need to enter this in your tax return as self employment income

To enter your Form 1099-NEC in TurboTax:

1. Sign in and open or continue your return.
2. Search for 1099-NEC and select the Jump to link.  
3. Answer the questions and continue through to enter the information from your form.
   • If you have multiple 1099-NECs to enter, you can select +Add Another 1099-NEC on the 1099-NEC Summary screen.

When you’re done, we’ll ask you a few questions and help you through entering any expenses you may have so that you can reduce your taxable income.

 

I hope this answers your question

Mary, tax expert 10 years experience