1099-MISC

Forum|Forum|6 years ago
June 25, 2020
1 reply
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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

Level 15

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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