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Level 2
February 5, 2022
Question

1099 NEC

  • February 5, 2022
  • 1 reply
  • 4 views

Do I include compensation reported on 1099 NEC for my business on Schedule C, or do I reduce my business income by that amount?

    1 reply

    ColeenD3
    Level 15
    February 5, 2022

    This is income you earned as a self-employed individual. It must be reported on Schedule C.

     

    1. Open or continue your return
    2. Search for schedule c and click the Jump to link in the search results
    3. Answer Yes to Did you have any self-employment income or expenses?
      • If you've already entered self-employment work and need to enter more, select Add another line of work
    4. Follow the onscreen instructions
    briggseroAuthor
    Level 2
    February 6, 2022

    Thank you for the response.