What is a 1099-NEC?
Below is the full transcript for the above video.
The 1099-NEC form specifically reports non-employee compensation, which you may have previously gotten on a 1099-MISC. So if you worked as a freelancer or contractor last year, you probably got a 1099-NEC reporting how much money an employer paid you.
The thing with being self-employed is that taxes aren’t withheld from your paycheck. So now that you’re filing your return, you'll have to pay the Social Security and Medicare taxes on that income. We’ll calculate all of that for you and include any taxes you might have paid already.
To enter your 1099-NEC forms, visit the Wages & Income section and look for 1099-NEC. Continue through the self-employment screens until you reach the 1099-NEC section, and enter the information as it appears on your form. We’ll ask you a few questions and help you through entering any expenses you might have so you can reduce your taxable income.
