1099 NEC Investements

laducad · ‎April 28, 2021

I have a LLC for investments and investment advice. I keep getting an error to fill out form 1099-NEC. I am not sure what to fill out here as I don't have this form. I enter 0 as a value but it's not accepted. I am using Turbo Tax Desktop, not the online version. Any idea on how to delete this form or what should go in there.

LinaJ2020 · ‎April 29, 2021

You should remove this form from the program. Here are the steps:

Open up your tax return if you have not already done so.

At the right upper corner, select Forms
On your left panel, you would see a list of all the tax forms and worksheets, scroll down and select 1099-NEC
While 1099-NEC appears on your right, at the bottom of the screen, select Delete Form

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

laducad · ‎April 29, 2021

The error I am getting is coming from the Schedule C (Investments) form. It's looking for a value in the Qualified Business Income Deduction Smart Worksheet. I don't see a 1099-NEC Form.

The error comes when I select Yes to is the activity a qualified trade or business. If yes is selected then it's looking for Net Income allocable to qualified payments from agricultural or horticultural coop. If I select No for the is the activity a qualified trade or business then I don't have any errors. In 2019 I had Yes in this value and didn't have any errors.