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I am the person submitting the question. Also adding this: 1099-NEC forms don't include enough info for us to know where to report the income on your return. All info is there. Payer Name, EIN, #1 compensation. What is the problem?
You need to file a Schedule C for any self-employment income of $400 or more.
You must pay self-employment tax and file Schedule SE (Form 1040 or 1040-SR) if either of the following applies.
Generally, your net earnings from self-employment are subject to self-employment tax. If you are self-employed as a sole proprietor or independent contractor, you generally use Schedule C to figure net earnings from self-employment.
If you have earnings subject to self-employment tax, use Schedule SE to figure your net earnings from self-employment. Before you figure your net earnings, you generally need to figure your total earnings subject to self-employment tax
1099-NEC is the replacement for 1099-MISC. It is the same procedure, just a different form that hopefully does not confuse people as much as 1099-MISC always did. Reporting forms always have instructions for the recipient on the back of the form.
Box 1. Shows nonemployee compensation and/or nonqualified deferred compensation (NQDC). If you are in the trade or business of catching fish, box 1 may show cash you received for the sale of fish. If the amount in this box is self-employment (SE) income, report it on Schedule C or F (Form 1040 or 1040-SR), and complete Schedule SE (Form 1040 or 1040-SR).
You received this form instead of Form W-2 because the payer did not consider you an employee and did not withhold income tax or social security and Medicare tax. If you believe you are an employee and cannot get the payer to correct this form, report this amount on the line for “Wages, salaries, tips, etc.” of Form 1040, 1040-SR, or 1040-NR.
To set up your business:
I am adding this to the self employment section. I have removed and added 8 times now. I have done this for many years with no issues. This year continues to say more information required. I guess I need to talk to a Turbo Tax tech person. Thanks,
Since you have entered the Form 1099-NEC information through your Schedule C for self-employment, be sure that there is not an extra Form 1099-NEC (maybe even a blank one) that is causing the issue.
Try using the following steps to delete any unused Form 1099-NEC that you see:
This will bring you to the summary of all Form 1099-NEC that you have entered. Click Delete or the trash can icon next to each one.
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