Question

Do I used the 1099 NEC or the 1099 K for cash based self employment?

Forum|Forum|5 years ago
January 16, 2021
1 reply
0 views

This is my 1st time with the NEC forms and I work on my own with no employees. I do all cash payments so I am not sure if I need to use the NEC form or the K form.

TurboTax Self Employed Online

VolvoGirl

Employee

Just enter it as Cash or General income. You don't need to get a 1099NEC or 1099K. Even if you did you can enter all your income as Cash. Only the total goes to schedule C.

You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or use any of the Desktop CD/Download programs.

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

U

Unholywolf78Author

My question is since they changed forms for 2021 did it change the requirements?

D

DianeW777

No. The requirements for issuing and filing a Form 1099-NEC (formerly use of the Form 1099-MISC), has not changed. If you pay someone or your are paid for services rendered, you are the company paying you must issue to the payee and file with the IRS Form 1099-NEC once that payment is greater than $600.

When you are signed into your TurboTax Online Self-employed account

Select Income & Expenses tab
Select Review beside Self-Employment income > Review beside the business
Edit Required to send 1099s (even if you already have 'Yes' marked
This will allow you to return to the screen where you can click the hyperlink Help me prepare and file W-2s and 1099s
Click on Quick Employer Forms at this point while you are in the tax return