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I'm a consultant & paid as a contractor. Using Home &Business desktop. I've already entered my income in the Business Income, do I also enter in the Personal Income?

I don't want to 'double' count the income from BOTH "Business Income section" and the "Personal income section."
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4 Replies

I'm a consultant & paid as a contractor. Using Home &Business desktop. I've already entered my income in the Business Income, do I also enter in the Personal Income?

No, do not enter your business income twice.    Do you have any other kind of income--like any W-2 income, retirement income, Social Security benefits...investment income.....etc. to enter as personal income?

 

 

 Did you prepare a Schedule C for your business expenses?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

I'm a consultant & paid as a contractor. Using Home &Business desktop. I've already entered my income in the Business Income, do I also enter in the Personal Income?

Thanks so much for the reply!

 

Yes, I've prepared a Schedule C for the business.  I'll remove the entry from my personal income then.
(It just occurred to me that I've done this wrong in the prior 2022 tax year as well.)

I'm a consultant & paid as a contractor. Using Home &Business desktop. I've already entered my income in the Business Income, do I also enter in the Personal Income?

In the  (A) Personal Income > Income from Form 1099-NEC, I've deleted the entry for the company $X.  In the (B) Business Income and Expenses, I've created my Restaurant Consultant business and entered my business income $X.  All is good here.  When I return to (A) above, the income $X appears again. 

I assume it's correct then (to appear in both sections A and B above).

I'm a consultant & paid as a contractor. Using Home &Business desktop. I've already entered my income in the Business Income, do I also enter in the Personal Income?

As long that the 1099NEC only shows up on Schedule C line 1 and the NetProfit or Loss goes to Schedule 1 line 3 it’s right.  But actually you can just enter your total income as Other self employment income or as Cash or General income.  You don't need to get a 1099NEC or 1099Misc or 1099K.  Even if you did you can enter all your income as Cash.  Only the total goes to schedule C.

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