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Rcd 1099NEC frm Amazon (income to us) for testing & review. We will sell the items. If we the items as inventory TT is showing 2x income of the 1099 + when sold again income thus 3x income. How to enter 1099NEC

 
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Cynthiad66
Expert Alumni

Rcd 1099NEC frm Amazon (income to us) for testing & review. We will sell the items. If we the items as inventory TT is showing 2x income of the 1099 + when sold again income thus 3x income. How to enter 1099NEC

 

The 1099-NEC form specifically reports Non-employee Compensation, which you may have gotten in previous years on a 1099-MISC. So, if you worked as a freelancer or contractor last year, you probably got a 1099-NEC reporting how much money you were paid in box 1.

To enter your 1099-NEC in TurboTax:

  1. Sign in and open or continue your return
  2. Search for 1099-NEC and select the Jump to link
  3. Answer the questions and continue through to enter the information from your form
    • If you have multiple 1099-NECs to enter, you can select +Add Another 1099-NEC on the 1099-NEC Summary screen

When you’re done, we’ll ask you a few questions and help you through entering any expenses you may have so that you can reduce your taxable income.

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