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ngebru7
New Member

My 1099-NEC reason not listed in options

I received a 1099-NEC tax form, but the reason I received it is not listed on the options provided on Turbo Tax. An option to manually comment is also not listed. I received this form from my college as an emergency fund. Under what option should I categorize this 1099-NEC form? If not, How should I proceed to file this form?Options listed on Turbo TaxOptions listed on Turbo Tax

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1 Reply
DawnC
Expert Alumni

My 1099-NEC reason not listed in options

Ask your college to give you a corrected tax form.   What do you mean by emergency fund?  1099-NEC is for compensation, specifically compensation paid to non-employees.   The IRS is looking for compensation taxes to be paid on that income.    If you choose Hobby there, it goes to Other Income which will work, and no business taxes will be generated.   But you may get an IRS inquiry, so be prepared to respond if you do.  

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