1099-NEC form

Forum|Forum|5 years ago
May 5, 2021
2 replies
15 views

I made $14,000 working as a deck hand on a fishing boat. The company sent me a 1099-NEC. I don't have my own company but that's the way turbotax is taking me. My problem is schedule C. It wants to know B-enter code from instructions, F-Accounting method (he paid me cash), Business name and address., I-do I need to file a 1099. Can you help me with this?

Thank you,

Jim

VolvoGirl

Level 15

Yes you are the owner of your own self employment business. You are in business for yourself. Use your own info. The people or company that pays you is your customer or client. You need to fill out schedule C for self employment business income. You are considered to have your own business for it. YOU are the business.

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. How to enter self employment income

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

You use your own name, address and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is At Risk.

VolvoGirl

Level 15

For B - Schedule C line B Business Code is a 6 digit number for your activity. If you can't find one that fits you can enter 999999.

Here are the IRS instructions for Schedule C. Business codes start on page 17.

http://www.irs.gov/pub/irs-pdf/i1040sc.pdf

For any 1099 - That is if you paid anyone $600 or more. Then you have to give them a 1099NEC too. So say NO.