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1099 Box 7 Turbo Tax glitch? And CA Source update
I recently downloaded the new 2020 version of TT home business 2020. Is there a reason when you go to enter a 1099 box 7 says n/a? That's the non employee compensation box. I was running some sample numbers to test what we may owe vs what we may want to buy for our business before the end of the tax year. I ended up using the royalties #2 box instead which some of my income comes through. But most is #7. Is this a glitch in the program? I waited a couple weeks, came back, and today downloaded updates figuring it would fix itself by now with TT fixes. But it still looks the same. Are they aware of this issue?
And on the business end... has Turbo Tax added special questions for "CA SOURCED INCOME" that has caused many of us headaches over the past year? For even when we live in other states, but have 1099 from CA?
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1099 Box 7 Turbo Tax glitch? And CA Source update
It is NOT a glitch ... it is an incomplete program and it will not be fully operational until sometime in January or February for some things like states. The program will undergo weekly updates as they complete sections ... this happens every year without exception.
ANY tax software released by any company prior to about January 15 is only released for marketing and market share. No program is complete and ready to file until the IRS approves their final forms and then individually reviews each program's implementation of the form. And some tax situations aren't able to be filed until February or March, again mostly due to IRS delays.
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1099 Box 7 Turbo Tax glitch? And CA Source update
Cool. I certainly have no intention of filing til March or so. Just like to run numbers early to check on our income vs spending. I've done this every year for over 10 years in Nov. and never had that box non operational for my testing. Just wanted to make sure I didn't need TT to fix it for me. (I also use this to help me decide how much to pay in Estimated taxes for the final payments of the year.) I don't always wait til Jan 15th to pay that if I want a bigger state write off I send it in before Dec 31st. 🙂
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1099 Box 7 Turbo Tax glitch? And CA Source update
IRS Form 1099-NEC is the new form for non-employee compensation. It has not yet been incorporated into the 2020 TurboTax program.
IRS Form 1099-NEC, Nonemployee Compensation website - https://www.irs.gov/forms-pubs/about-form-1099-nec
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1099 Box 7 Turbo Tax glitch? And CA Source update
OK ... can I let you in on a secret ... you NEVER have to enter the 1099 info into the program at all ... it is for your use only ... the IRS never gets what you enter ... they only get the total on the Sch C. So stop wasting time and skip that screen and enter it on the next one.
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1099 Box 7 Turbo Tax glitch? And CA Source update
At the risk of offending Critter, I'm experiencing a problem with the 1099-NEC of a different sort. When I attempt to enter state info in boxes 5-7, for the "First State Listed" there are boxes to enter info for 5 and both 6s, but there is no box to enter amount for 7. For the Second State Listed there boxes to enter info for 5. 6 has a box for only the State abbr. There is no box for the Payer's state no. There is a box to enter the State Income.
Whenever I go through review, TT says info is missing from the 1099-NEC and it will be deleted if not fixed.
Solution?
FredJ
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1099 Box 7 Turbo Tax glitch? And CA Source update
In order to access to box 4-7 on Form 1099-NEC on the screen, you need to click on the box says "My form has other info in boxes 4-7". It will then expand for you to enter those info. See image below.
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1099 Box 7 Turbo Tax glitch? And CA Source update
*(From Earlier note from Critter: OK ... can I let you in on a secret ... you NEVER have to enter the 1099 info into the program at all ... it is for your use only ... the IRS never gets what you enter ... they only get the total on the Sch C. So stop wasting time and skip that screen and enter it on the next one. )
Critter, Did you notice with the new 1099-NEC that isn't true anymore? :( After you told me this I searched on vendor names that had hired me in past tax returns and you were right. They only got a lump amount. But this year, with NEC every single one of those names shows up in what gets submitted with tax returns. So you can't do this anymore. (I can do it for royalties still if I desire. Those royalty payments don't show up under any individual payer's name, like Amazon.)
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