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February 2, 2025
Question

How can I add the expenses to my 1099-NEC if I worked as an independent contractor but rented a box truck from a company and paid for insurance on the truck?

  • February 2, 2025
  • 1 reply
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The commision total is 1791.92 and deductions amount to $-951.92, thus I only made $840.00 from self employment. I need to deduct the $951.

    1 reply

    February 2, 2025

    Report the IRS form 1099-NEC income as a self-employment activity in TurboTax. 

     

    Business expenses may be reported within the self-employment activity.

     

    In TurboTax Online, follow these steps to report the self-employment activity.

     

    • Down the left side of the screen, click on Tax Home.
    • Click on the down arrow to the right of Review.
    • Click on the blue band labeled Review.
    • Down the left side of the screen, click Federal.
    • Down the left side of the screen, click Wages & Income.
    • Scroll down to Self-employment  click on the dropdown menu.
    • Click Start/Revisit to the right of Self-employment income and expenses.
    • At the screen Your 2024 self-employed work summary, click Edit to the right of the self-employment activity.
    • At the next screen, click either Import expense transactions or Add expenses for this work.

     

     

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