Had a home business with Norwex . I received a 1099-misc with box 7 checked. I am not seeing how to enter this info. If this is income then how to enter and deductions

[tw963uvaal]

I received a 1099-NEC and a 1099-MISC. I am not sure how to enter the 1099-misc with box 7 cked. Is this income-how do I enter this and do I need to enter expenses?

[MinhT1]

You only report your form 1099-NEC on your tax return. This is self-employment income and you can deduct ordinary and necessary business expenses from this income.

For form 1099-MISC, the check mark in box 7 only indicates that you bought more than $5,000 of goods for resale from Norwex. This is not reported directly on your tax return. This is reflected in the purchases that you report for your Norwex business.

[tw963uvaal]

Thank you. Where would I report the purchases? 

[JohnB5677]

Both the 1099-NEC and the MISC will be reported under a schedule C business entity.

1. Income and Expenses
2. Self-employment income and expenses
3. Continue through the interview.
4. Once your business data is complete select Looks Good at the bottom of the page.
5. Let's enter the income for your Tax preparation work
6. The 1099-NEC is listed under income
7. The 1099-MISC is under Less Common Income
8. Again continue through the interview and you will be able to enter Expenses.

[cclose00]

I don't see where to enter Box 7 information into the 1099-MISC is under Less Common Income. Any ideas on how to find this? 

[LinaJ2020]

You will need to report this income under Business Income and Expense.  Here are the steps:

In TurboTax online, 

• After sign into your account, select Pick up where you left off
• From the upper right menu, select Search and type in schedule c and Enter
• Select the Jump to schedule c
• Next screen, "Your 2020 work summary" under your self employed business, select Review
• Continue to enter related expenses and other required information

See IRS instructions, click here: https://www.irs.gov/pub/irs-pdf/f1099msc.pdf

The net profit will show on line 8 of your Schedule 1 and Form 1040.