I inputted two separate 1099's, but it seems to be only adding expenses to one of them, instead of my self-employment as a whole for 2022.
I'm just trying to figure out if that matters or not – if it still shows up generally, or if I need to somehow tell it that these expenses applied to both the 1099 consultancy's that I entered?
If you are self-employed, both Forms 1099 represent earnings from self-employment in the same business, and you will be reporting business expenses, all of the income and deductions should be reported on a single Schedule C.
If you received a 1099-NEC, it is entered under Business Income and Expenses. You will need to enter your business information which will create your business profile. Once you have done that, you will find the entry under Business Income which will be within the Business Income and Expenses section. It goes in the same area as the 1099-MISC and 1099-K. TurboTax will populate Schedule C from all of the income, expense, and business profile information entered.
Click here for more information about reporting self-employment income and deductions using TurboTax.
Thank you for your helpful response – you are correct, I had 2x 1099 NEC's.
And so if I'm understanding you, it doesn't matter that the 'net income' is only decreasing on one of the 'line of work' fields* as I enter my expenses, as in the end it will all just go onto the same Schedule C, is that correct?
Or is there a problem with that - either the deductions should be reflected across both of those line of work fields, or I should only have one line of work?
Thanks in advance
If you have one field of work with multiple income streams, they are reported on one Form Schedule C. For instance if you were a Lyft driver and also an Uber driver. Those are both ride sharing.
If you have two fields of work, they should be on two different Schedule C forms. For instance, if I have child care in my home during the week but work as a performance artist on the weekend. If this is the case, you will need to divide your expenses between the two fields of work.
ah, thank you – I believe I made a mistake when entering in my 'line of work' and added consultant twice, instead of just going down to the Income field and clicking "add income for this work" – I've now deleted the the second consultant line of work field and put them both under the same. Thank you.
One last question – for my expenses, am I allowed to put my entire cell phone bill, or just a portion of it under Communications?
If you have a phone dedicated to the business, the entire bill could be considered an expense. If you use your personal phone also for business, then the business portion of the usage.