Question

Form 1099-NEC form

Forum|Forum|5 years ago
January 8, 2021
1 reply
0 views

The item "Income from Form 1099-NEC" is not found in the Personal->Personal Income->Other Common Income subsection. I can only see "Income from Form 1099-MISC" for 2019 and 2020, which is obsolete for 2020. I think you forgot to add the NEC entry to this subsection.

In the Business section, I create new 1099-NEC for my business income since 1099-MISC is no longer used for this purpose by IRS. However, the new form is not shown in the "Other Common Income" section. There, I only see "Income from Form 1099-MISC". Becuase of this, TT thinks I have zero income, hence not allowing me to make contribution to Traditional IRA for my retirement.

TurboTax Home & Biz Windows

D

dmertz

Employee

This does appear to be something that has been corrected in other versions of 2020 TurboTax but not yet in TurboTax Home & Business. You can switch to forms mode, open a Form 1099-NEC Worksheet and make your entries directly on the worksheet. Make sure that you link it to the correct Schedule C or Schedule F, otherwise it will be treated as Other Income rather than as income from self-employment.

Critter-3

OR >>> skip the nec income entry altogether and just enter your total annual income in the section for cash/check/1099K ... the entering of all the separate 1099-NEC forms is for YOUR use ONLY as the IRS only gets a total on the Sch C form.

general income Sch C 3.PNG