Is this how you entered the Form 1099-NEC?
What type income did you select on the screen labeled What type of income is on your 1099-NEC?
Click on Federal on the left side of the online program screen
Click on Wages & Income
Scroll down to Other Common Income
On Form 1099-NEC, click on the start or revisit button
I kept going and it showed up in the business and income section Schedule C. Maybe the Help button can clearly state this will happen by including it in the 'i' button next to it.
So, disregard the fact that it says $0 under Personal Income even when we have 1099-NEC?
Yes. If you are using Home and Business, you will not see the 1099-NEC income in the personal income section. You will see it in the business income section.
ok. This is different in 2023 TT then. Same flow listed self-employment income under Personal Income summary. As a matter of fact, last year's amount still shows up under 2022 column. This is how people catch the differences from last year.
I'm now using TT 2024 Deluxe and working through the Wages and Income step-by-step. I have completed the "1099-Misc and Other Common Income" section. I entered income from two 1099-NEC forms, both from the same source with the same tax ID. When I completed that section, the "Your 2024 Income Summary" page shows my 2023 Form 1099-NEC amount, but it shows a zero ("$0") for 2024. However, the data are in there -- the Federal Tax Due estimate at the top of the page has changed to reflect the income, and the correct total shows up when I look at the worksheet in the Forms view. I tried saving the data, exiting TT, and restarting TT, and the "Your 2024 Income Summary" page still shows my 2024 Form 1099-NEC as "$0". Sure looks like a bug to me...
Where did you enter the 1099NEC?
Did you go to Federal>Wages & Income>1099Misc and Other Common Income>Income from Form 1099NEC
An update on this: I have completed my data entry. I entered my 1099-NEC income during the interview for "Income from Form 1099-NEC" under the "1099-MISC and Other Common Income" section. This is also what I did in 2023. For both years, this was income from a consulting business, and as best I can tell I entered it the same way both years.
Having completed the entire 2024 interview, in the 2023 column my 2023 1099-NEC income shows up on two lines: the "1099-MISC and Other Common Income" line and the "Business income and Expenses" line. In contrast, the 2024 1099-NEC income shows up only in one place, that being on the "Business income and Expenses" line.
Checking the Forms View, I see that TurboTax has completed the Schedule C for my 1099-NEC income, so the correct data will be presented to the IRS. The inconsistent way 2023 and 2024 income are shown in the 2024 Income Summary still puzzles me, but it doesn't seem to affect the accuracy of the return.
I recommend that the IRS form 1099-NEC be entered directly into the self-employment activity, especially if you have established the self-employment activity in a previous tax year.
Hopefully, this would eliminate the confusion that you are experiencing.
In TurboTax Desktop Deluxe, follow these steps:
As JamesG1 stated, the best way to enter this income is through the self-employment interview. The income is not duplicated, however, if it is entered through the 1099 topic and correctly linked to the associated business.
Same issue, does entering it through self employment make it show up on the 1099-NEC line? When I go through the self employment interview it is already populated. Trying to decide if I should delete and reenter. If not, then I don't see how it reduces confusion since the confusion is from seeing 1099- NEC = 0 when we know there is an amount that came in on a 1099-NEC. Also if the intent is not to enter it under 1099-NEC then maybe the question about 1099-NEC should not be included where it is, since it is going to be asked before any questions about self employment. If answering incorrectly to a question is needed to make the software function correctly that seems like a bug to me.