Hello
I received a 1099-NEC from a payer that not only included my income, but also included $1600 worth of reimbursed expenses. He will not reissue and says I can deduct them. How can I file a report only my income instead freimbursed expenses plus my income? I am not self employed and do not have a business.
Thanks for any insight.
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Sorry sounds like you are self employed for this income. Yes you have to fill out Schedule C for self employment. You need to enter the total 1099NEC income and then expense the reimbursement probably under Supplies. Then you will only pay tax on the Net Profit.
You are the owner of your own self employment business. You are in business for yourself. Use your own info. The people or company that pays you is your customer or client. You need to fill out schedule C for self employment business income. You are considered to have your own business for it. YOU are the business.
You can fill out Schedule C and enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or buy any of the Desktop programs. All the Desktop programs have all the same forms, but you will get the most help in the Home & Business version.
How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...
Where to enter business expenses
https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-busine...
You will also need to pay SE tax on the Net Profit. Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.
Sorry sounds like you are self employed for this income. Yes you have to fill out Schedule C for self employment. You need to enter the total 1099NEC income and then expense the reimbursement probably under Supplies. Then you will only pay tax on the Net Profit.
You are the owner of your own self employment business. You are in business for yourself. Use your own info. The people or company that pays you is your customer or client. You need to fill out schedule C for self employment business income. You are considered to have your own business for it. YOU are the business.
You can fill out Schedule C and enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or buy any of the Desktop programs. All the Desktop programs have all the same forms, but you will get the most help in the Home & Business version.
How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...
Where to enter business expenses
https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-busine...
You will also need to pay SE tax on the Net Profit. Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.
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