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1099-NEC stands for Non-Employee Compensation and is to be used for reporting Contractor Pay.
That is why the IRS brought that Form back into use.
The IRS expects a 1099-NEC to be linked to Schedule C since it indicates Self-Employment Income.
What is the 1099-NEC reporting? What type of income is it?
Uploaded a 1099 from ebay where I sold personal items at a loss, and turbotax doesn't know how to handle it. That's literally what the message said. So it kept having me "review" a doc with the amount total of $2,305 and wouldn't move forward unless I changed the amount to $0 for whatever reason. After doing that is when a new "review" popped up asking me to link a report for Schedule C.
Was this Form 1099-NEC or 1099-K? eBay typically sends out a 1099-K for annual sales. This form is entered under a different topic in TurboTax. Also, if you sold personal items at a loss, you may wish to review this post concerning a recent IRS update on reporting a loss with Form 1099-K.
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