☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Jan 19, 2023 12:32:52 PM

1099-NEC Do I have to file one and who for

I have a small retail company. We have services done by a cleaning company. We also have one of the buildings on our property that we rent out and use a Property Management company to take care of all aspects of the rental.

 

My question is do we have to file a 1099-NEC for the cleaning company of our retail space and one for the management. There is a lot of confusing information on the internet that contradicts each other on this. 

 

Any help would be apreciated.

 

0 1 207
1 Best answer
Expert Alumni
Jan 19, 2023 1:06:04 PM

These are the guidelines for issuing a 1099-NEC.

  • If the business you paid is a C corporation or S Corporation, then a 1099-NEC is not needed.
  • Anyone else that you paid a combined total of $600 in one year for services must be issued a 1099-NEC.   
  • Payments for products and materials should not be included in the computation of the payments.

In TurboTax Self-Employed and TurboTax Self-Employed Live

  1. Sign into TurboTax.
  2. Select Tax Home from the left menu (you might already be there)
  3. Scroll down and select Your account.
  4. Select Create W-2s and 1099s.
  5. This will log you into Quick Employer Forms.
  6. Follow the instructions to create your forms online.


 

 

1 Replies
Expert Alumni
Jan 19, 2023 1:06:04 PM

These are the guidelines for issuing a 1099-NEC.

  • If the business you paid is a C corporation or S Corporation, then a 1099-NEC is not needed.
  • Anyone else that you paid a combined total of $600 in one year for services must be issued a 1099-NEC.   
  • Payments for products and materials should not be included in the computation of the payments.

In TurboTax Self-Employed and TurboTax Self-Employed Live

  1. Sign into TurboTax.
  2. Select Tax Home from the left menu (you might already be there)
  3. Scroll down and select Your account.
  4. Select Create W-2s and 1099s.
  5. This will log you into Quick Employer Forms.
  6. Follow the instructions to create your forms online.