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@roperwin1544 wrote:

I downloaded Turbo Tax Home & Business 2020.  In the 1099 MISC, Box 7 - it is missing?!  All is says by the box is N/A.  It's surreal that Box 7 is completely missing?? 

 

Please help as I can't figure out my tax as TT won't allow me to put an amount into Box 7

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A new form (1099-NEC) has replaced Box 7 of Form 1099-MISC.

See https://www.irs.gov/pub/irs-pdf/f1099nec.pdf

where in home and business 2020 should 1099-NEC be entered?

There is no mention of 1099-NEC.

(I used Business Income - General Income for running an estimate.)

Look again in the Sch C income section ...  

I don't see that.

Here's what I see:

Did you update the program yet ?    And FYI ... you never have to enter in all the 1099 forms in the program ... that exercise is ONLY for your benefit since the IRS gets one amount on the Sch C.   So you can use the General Income section and make ONE total annual income amount and skip the 1099 entries completely. 

@Critter-3 Is your screenshot from the online version of TurboTax?  I have 2020 Home & Business installed and there is no 1099-NEC option in Step-by-Step mode.

There is, however, a 1099-NEC worksheet in Forms Mode. I can only guess that the developers have not yet added the selection in the interview yet.

Not a surprise if you have updated the program recently and it is not like the online program yet ... and again you do NOT need that form at all.  Just enter one total income in the general section and call it quits.  

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@Critter-3 wrote:

... and again you do NOT need that form at all.  Just enter one total income in the general section and call it quits.  

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Actually, that should be made perfectly clear in the program as it all winds up on Line 1 of Schedule C.

Well they don't make it clear as  the program is written for the uneducated DIY user and if they did not have places for each of the forms the uneducated user get  confused  even further.  So be glad I was able to educate you  on how not to waste time and effort.  Of course if you would read the IRS  instructions for the Sch C it would also give you this handy hint.  

I installed and immediately updated.  

I already did what you suggested. Thanks for confirming this as an acceptable input method.

I think TT H&B should make mention of 1099-NEC in future revisions.

I thought we bought Turbotax so that we wouldn't have to read and still not understand IRS documents. 😄

Between now and the end of February there will be  updates at least weekly so update often.  Once you file shut off the auto update prompting.

And if you don't already know : 

This is my mini version of  a tutorial  that should be in the downloaded program: 

What is Forms Mode?

Forms Mode lets you view and make changes to your tax forms "behind the scenes."

If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.

Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.

Related Information:

• Why would I use Forms Mode?
• How do I switch to Forms Mode in the TurboTax for Windows software?
• How do I switch to Forms Mode in the TurboTax for Mac software?

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

• >>>In the TurboTax CD/Download software by creating a test copy: 
• 1.  Open your return in TurboTax. 
• 2.  From the File menu, choose Save As. 
• 3.  Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name). 
• 4. Click  Save. You are now safely working in the test copy and anything you do here will not affect the original. 
•  https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

• >>  use the WHAT IF tool: 
• - Click Forms Icon (upper right of screen) or Ctrl 2 (forms view) 
• - Click on the Open Form Icon 
• - In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form 
• - You will see the worksheet on the right side of the screen; enter the information right into the form 
• - To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:

1. From the File menu in the upper-left corner of TurboTax, choose Save As (Windows) or Save (Mac).
2. Browse to where you want to save your backup.
   • Tip: If you're saving to a portable device, save it to your computer first to prevent data corruption. Then, after completing Step 4, copy or move the backup file to your device.
3. In the File name field, enter a name that will distinguish it from the original tax file (for example, add "Backup" or "Copy" to the file name)
4. Click Save and then close TurboTax.
5. Restart TurboTax and open the backup copy to make sure it's not corrupted. If you get an error, delete the backup and repeat these steps.

If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.

Related Information:                             

• Retrieve a Tax File from a Portable Device
• What's the difference between the tax data file and the PDF file?

AND save it as a PDF so you have access to a copy even if you don’t have the program still installed and operational :

• How do I save my return as a PDF in the TurboTax software for Windows?
• How do I save my return as a PDF in the TurboTax software for Mac?

AND protect the files :

• How can I protect the tax files on my computer?

Always remember to shut off the auto update function once you have filed your returns and do not do any updates unless you have safeguarded the PDF & .taxfiles to a removable storage unit for safekeeping.  Click on ONLINE then Update Preferences.... don't be afraid to click on all the  menu headings to find all the goodies that are hiding. 

I am still lost...when I receive a 1099 MISC, it shows in Box 7 an amount that I am supposed to enter.  Even TT shows in the pictorial that you insert the dollar amount in Box 7.  However, look at the screenshot that I posted of TT for MISC 1099.  How am I supposed to enter income when Box 7 is missing.

Btw, I've updated the program, restarted, updated...and still have the same issues

1099-MISC

I don't see that. I've updated the program and it still shows the same thing

Ok ... the OLD 1099-misc box 7 is now on the NEW 1099-NEC box 1 ... this is new starting with 2020 returns.  

Back up to this screen where you add in the Sch C income and look at the options again ... first one is the new NEC form.    Do not use the 1099-misc screen  for any box 7 income ... it is no longer valid. 

@roperwin1544 

Where  are you in the business tab ?   Are you completing the Sch C or Sch E section?  

You have to wait for a program update to add the 1099NEC to the step by step interview.  Switch to Forms Mode and open the 1099NEC there as someone posted above.

@roperwin1544  When you receive the 2020 1099 for "non-employee compensation"  is will not look like it did before.    No longer will it be on a 1099-MISC in box 7 - it will be on a new 2020 1099-NEC form that the IRS is still working on and has not released yet.    There are a LOT of tax form changes for 2020 and the IRS is very slow to finalize them.

how can payers send you a 1099-NEC if the IRS is still working on it ?

OK, still a few weeks to go ...

Do payers know this ? ...

If a business needs to send these forms out then they will know it when the program they use tells them or when they try to order the forms from the IRS or buy them at the store.  It is the business's responsibility to educate themselves on this new situation that has been in the news for more than a year.  

I cannot find that anywhere in the TT program...

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@roperwin1544 wrote:

I cannot find that anywhere in the TT program...

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@roperwin1544 Forms Mode (click the Forms icon in the upper right side of the screen).

Don't worry, the version you have is not updated for the step-by-step mode. It is frustrating but you can try this to solve it for now:

1. Go to your main Business Income screen

2. Switch to form mode by clicking on the Forms button on the top right corner of the screen.

3. Now TT switches you to the Form mode.

4. On the left panel of the screen you will see Forms in My Return. Scroll to the top to find 1099-NEC-Wks (Your company name) and click on it. This will open the Form 1099-NEC form on the right side.

5. Enter the earning in Nonemployee compensation edit box in Box 1.

6. Last step is to link this to the Schedule C by double click the "Schedule C" icon (little box) in the line below where you enter the earning amount. TT brings up a dialog box for you to  set up the link. Choose the correct company name to link to Schedule C. If you transfer information from 2019 TT to 2020 TT then you will see the familiar names, otherwise, you can create a brand new form where you will enter the the company name, EIN, etc.

7. Now you have successfully create a NEC form.

8. Switch back to Step-by-step mode and there you will see the dollar amount you entered  under the 1099-MISC income row.

I am disappointed at TT for leaving this portion out at the moment. If they don't fix this in 10 days, I am gonna return the software to Costco and let TT feel the pain for the poor job they did.

I am an independent Tupperware Consultant.  For tax year 2020, I received a 1099-MISC and a 1099-NEC.  Box number 7 on the MISC is only checked and printed on the back of the form is the financial info that relates to that box.  I am very confused since box #7 is totally missing on the TT Self-Employed online version.  What I'm reading here sounds like I possibly shouldn't have received both the MISC and the NEC and that I should just combine them?  Can someone confirm that please?  TIA

I should add that the info in box #1 on the NEC is not the same as the info that relates to box #7 on the MISC though.  Should I just combine them and move on?