1099-MISC

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I received a 1099-MISC with non employee compensation for purchases in excess of $5000. Is this qualified business income? Should the business name be my name and address or the the company name on the 1099-MISC?

AnnetteB6

Employee Tax Expert

When you are entering the information about your business on Schedule C, use your own name and address (or the name of your business if there is a separate name), not the name of the company shown on the Form 1099-MISC.

If you are a sole proprietor filing Schedule C, then your income is qualified business income unless you fall into a category of SSTBs (Specified Service Trade or Business) whose total taxable income exceeds $157,500 ($315,000 if filing jointly).

To learn more about the Qualified Business Income deduction, see the following TurboTax article:

What is the Qualified Business Income (QBI) deduction?

@Snowy61

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