I CANNOT ENTER MY BUSINESS INCOME VIA 1099-nec. I am in business section that lists a 1099-nec form that I click update that takes me to 1099-nec Summary page, I click on edit and it lists the payee details. I hit continue and I am back to the beginning the Business Income page. I deleted form and added it back with no change. My form says 1099-nec but I cannot edit. should I add and edit edit a 1099-MISC form that seems to work?
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No, you do not enter under 1099-MISC if you received a 1099-NEC. Instead, you will need to enter the information in both Form 1099-NEC and Schedule C sections. You would start from the 1099-NEC section under "1099-MISC and Other Common Income". You would then follow prompts to tell the program you are filing a Schedule C. As it creates a Schedule C for you, you will need to go to the Schedule C portion separately to confirm your income amount, add related expenses and complete required information.
In TurboTax online, here are the steps:
Then
This will show on line 8 of your Schedule 1 and Form 1040.
Thanks for the reply but your response do not work. Let me give you background
1. I have been using Turbotax, self-employed software version for 20 years. I am NOT using online version but my downloaded version on Windows. I've never had any problems with adding business income in prior years.
2. I'm having problems with My 2020 return that was transferred from my 2019 return that I had no problems with. On the "Business Income" section there appears an error as several entries are listed in the "Business Income and Expense section; A 1099-NEC showing 2019 income and a 1099-MISC line with same 2019 income (appears duplicate); there is a "General Income line" that is editable when "update" is clicked and and also a "Other Income " line.
3. The 1099-NEC when "Update is clicked" shows "Form 1099-NEC Summary" screen. When I click edit only the 1099-NEC details show (name and ID). When I click "Continue" I'm back to Summary and click "Continue" again I'm back to the beginning "Business Income - Real Estate Appraisal. Hitting update does not get me anywhere. Deleting these forms and adding them again does not work.
Please advise if this is a software bug that has to fixed ASAP
Thanks
Mark K.
Delete the 1099-MISC with the 2019 information.
Delete the 1099-NEC with the 2019 information
Go through the step by step interview to add the 2020 NEC as a new entry
The desktop version does add forms from the previous year with the option to update them, rather than creating a new entry. In many cases, this is a great timesaver, but with the change from 1099-MISC to 1099-NEC in 2020, that function is not working for you.
Thanks for being a TurboTax user for 2020 years.
What is Form 1099-NEC?
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