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Level 2
December 17, 2022
Question

1099 NEC

  • December 17, 2022
  • 2 replies
  • 16 views

I will receive a 1099 NEC for my review of  various products throughout the year.  I am not compensated for my reviews but I can keep the products that I review.  The value of all of the products will be recorded on line 1 of the 1099 NEC form. I only write reviews, do not own a business or receive any money for writing the reviews.  Can I record this as  other income on my 1040 or so I need to file a schedule c? 

    2 replies

    Level 15
    December 17, 2022

    Common question. The IRS considers the total of the factors in each situation and has some good material on their website. TurboTax has a discussion here. You must decide what you are comfortable with after you educate yourself. 

    https://ttlc.intuit.com/turbotax-support/en-us/help-article/self-employment-taxes/difference-self-employment-income-income/L5V0W4FU5_US_en_US

     

     

    Mike9241
    Level 15
    Level 15
    December 17, 2022

    correct is that you are compensated just not in cash.  it's the value of the items you get to keep.  this doesn't mean you have a  business. 

    Mike9241