1099 NEC Corrected

[fostedh]

I received a corrected 1099 NEC form.  In the past Turbo Tax has had a box to check if the 1099 form entered is a corrected form.  In this years Turbo Tax 2020 no box is listed in the 1099 NEC entry field.  Is there additional steps to take if you are entering a corrected 1099 NSC form?

Thanks!

[DavidD66]

I can't explain why there is no "corrected" box for 1099s in the 2020 version of TurboTax.  The issue is being looked in to.  It won't cause you any problems to just go ahead file using the information on the corrected form.  It will match IRS records.

[edvroomans]

If the 1099-nec is corrected with a 0 amount in box 1.  Is that what I put?

[MaryM428]

Always enter exactly what is on a Form when reporting it in TurboTax.  The IRS receives a copy of the form and will match your entry with the information on the form.  Keep a copy of both 1099-NEC's, the original and the corrected one with your 2020 tax records.

It is unusual to have a 1099-NEC with zero in Box 1.  Make sure you have good notes to explain this if you are ever asked about it.


@edvroomans

[Larrye320]

I recieved a 1099 NEC and a 1099NEC  corrected forms How do I enter the 1099 Corrected form so it will not include the income for the 1099NEC,  or do i not include the forms at all

Larry 

[email address removed] or text [phone number removed]

[npierson7]

You must include that income in your tax return. If both those forms from the same employer, use the one which says Corrected.

How to enter your 1099-Nec in TurboTax:

Under Personal Income, Other Common Income you will need to enter your business information which will create your business profile.  Or you can type 1099-NEC in the Search box and click to the link and enter your information. 

You can learn more here:

How to File Taxes with IRS Form 1099-NEC