Filed before receiving 1099 NEC, Business Income

Forum|Forum|2 years ago
February 1, 2024
1 reply
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Hello,

I made $500 for consulting services this year. Since this is below $600 I did not think that I would receive a 1099 NEC for my services this year but one just came in. When I filed (before the 1099) it put this $500 on line 6 of schedule C. I see that now it would be on line 1 of schedule C. Since this did not change my overall tax liability or the total business income for that section do I need to file an amended return? Or no because the $500 income is still reflected on Schedule C?

Vanessa A

If you were doing consulting, it should be on line 1 of your Schedule C. As long as you still ended up paying SE tax on the income and it didn't change anything in your return, then there is no need to make the changes.

However, for next year, if you do not have a 1099-NEC you would take the following steps to enter the money you received based on your records without the 1099-NEC.

To enter your self-employment income click the following:

Federal
Income and Expenses
Show More next to Self-Employment
Start or Revisit next to Self-Employment
Yes, to you have any self-employment income or expenses
Enter the type of self-employment work you do
Click through a few more screens and you will get to a screen that says "Your XX info"
Click Looks good
Then you will come to a screen that says Let's enter the income for your business. It will give you the option of 1099-NEC or Other self-employed income including the 1099K , cash and checks. Select the one that applies to you and hit continue
If you do not select one, it will not let you enter your income
Enter your self-employment income on the next screen
Continue and on the next screen click add expenses