I started a new return for 2020 which was for entering the W-2 or 1099-NEC for my independent contractors. I then started a new return for my personal/business. I do not see that the 1099-NEC payments are showing up in my Schedule C. Any help would be greatly appreciated.
Thank you!
When you prepare forms 1099-NEC for your contractors using TurboTax, the amounts you paid to your contractors are not transferred automatically by TurboTax to your Schedule C.
You have to manually enter the amount on your tax return as business expenses under Payment to Contractors.
When you prepare forms 1099-NEC for your contractors using TurboTax, the amounts you paid to your contractors are not transferred automatically by TurboTax to your Schedule C.
You have to manually enter the amount on your tax return as business expenses under Payment to Contractors.
Minh,
Could you kindly help me with something?
Some years after my ex-wife bought a home, I gave her a sum of money to pay down her mortgage balance and refinance her property. I took a minority equity interest in the property and was on title. She occupied it, I never did.
She sold the property in 2020 for less than she paid for it. I received a 1099-S showing gross proceeds much greater than my investment. On my CA form 593, I show a loss on my investment. If I only report the 1099-S on my Federal return, how will the IRS know that I lost money on my investment? I certainly would not want to have any tax liability.
Thanking you in advance!
Marcus