I put in my consulting income in the 10099NEC section for business, do I need to also put it into the OTHER income in 1099MISC. Its asking. But its putting the income as rents. Can I download a corrected program.
You'll need to sign in or create an account to connect with an expert.
If you received a 1099-NEC, it is entered under Personal Income, Other Common Income. You will need to enter your business information which will create your business profile.
Beginning with the 2020 tax year, the IRS will require business taxpayers to report nonemployee compensation on the new Form 1099-NEC instead of on Form 1099-MISC. Businesses will need to use this form if they made payments totaling $600 or more to a nonemployee, such as an independent contractor.
If you are self-employed,
What is nonemployee compensation?
The IRS explains that, in general, you must report payments you make if they meet the following four conditions:
Additionally, businesses will need to file Form 1099-NEC
Nonemployee compensation can include:
What details do I need to know about the 1099-NEC form update?
Self-employed individuals should not see personal payments made to them during the year on the new form. Instead, your form should only report payments made as compensation related to the company’s trade or business.
The IRS provides a more comprehensive list of the types of payments that would be reported in Box 1.
Some examples include:
0
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
IndianExpat
Returning Member
sharronnelson
New Member
champers0306
Level 1
A-LO
New Member
in Education
dpbetz99
New Member