Where in Turbotax H&B desktop does one enter 1099-NEC?
Business income page shows only 1099-MISC.
Or is the product still out of date?
Turbotax is an incomplete program and it will not be fully operational until sometime in January or February for some things like states. The program will undergo weekly updates as they complete sections ... this happens every year without exception.
ANY tax software released by any company prior to about January 15 is only released for marketing and market share. No program is complete and ready to file until the IRS approves their final forms and then individually reviews each program's implementation of the form. And some tax situations aren't able to be filed until February or March, again mostly due to IRS delays.
NOW ... can I give you a hint ... you NEVER need to enter in the 1099 in the Sch C section at all ... the program does this for your use only since the IRS only gets a total of your income on the Sch C not all the 1099 info you enter. Skip that screen and use the next one ...
That is what I am doing now. However, a new issue is that now Turbotax *does* have a place to add 1099-NEC (under Personal->Other Common Income).
However, if I do so, I have to add a *new* business for that 1099-NEC. There is no option to use an existing business (predefined, imported from previous years), which tracks various items like depreciation and home office.
I can only hope that Intuit eventually figures it out and fixes the problem.
@br0k - are you trying to estimate? then I would suggest using the 1099-MISC....all they did was peal off some information that used to appear on the 1099-MISC and put it on the 1099-NEC
if you are working with the downloaded version, the 1099-NEC is there.
I am using a downloaded program, and 099-NEC *is* there, as I posted above.
However, there is a bug in implementation.
Let's say you have an existing business set up in previous years, that is imported into this year's tax, and if that business until now was using 1099-MISC, and this year will receive 1099-NEC instead. When 1099-NEC is added (in "personal income"), Turbotax will only give an option to create a new business to attach that 1099-NEC to. The verbiage on that page suggests that there should be an option to select an existing business, but none of the existing business entities appear or can be selected.
If the business entity is used to track depreciation, or simply to compare YOY values - that won't work, as Turbotax forces user to create a new business to use 1099-NEC.
I hope they fix this soon.
On my end this is the first year when I am running Turbotax and HRBlock software side by side, and frankly HR Block is doing a better job so far (except for a single issue where Turbotax is ahead). HR software doesn't have this strange problem with 1099-NEC - simply lets me add that to an existing business, just like 1099-MISC.
TT Home & Business won't import all of my previous years' 1099s either. I had 15 or so, and I need to keep 10 of them. I do NOT want to re-enter them all over again! And will the program recognize that they're now 1099-NEC instead of 1099-MISC? I have a horrible feeling it won't.
1099NEC you receive or ones you need to issue? I just installed my Home & Business program and it let me transfer 2019 1099Misc into the 1099NEC form to give to my sub contractor.
i don't think TT has updated its software to handle 1099-NEC as of this date. this is a new form for 2020 that replaces 1099-MISC for nonemployee compensation. you can't enter nonemployee compensation on the 2020 1099-MISC.
Yes, you will find the form in Forms Mode.
Click the Open Form button on the upper left side of the screen and then type "1099" in the search box. You should see a list of forms including the 1099-NEC Worksheet.
My 1099 NEC keeps getting flagged in my federal review. It then takes me to a Sched. C box that's empty and it says "double click...". Everything in my taxes is correct, but it won't get me pass this review. Turbo Taxes system is not prepared for the new 1099 NECs. Please advise on how to get around this or let me know when it's fixed.