Do I need to file 1099-NEC?

Forum|Forum|3 years ago
January 21, 2023
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Just started trying to enter info for sale of my rental home into TT Deluxe (PC version downloaded). I paid a few different contractors for repairs to get the house ready to sell. It looks like for any payments to contractors that were over $600 I have to file a 1099-NEC. Is that actually the case, and if so, how do I do that? The process for submitting electronically through the IRS (apply for a TCC in order to create a FIRE account, etc.) looks pretty complicated. I guess I could just fill out the forms on paper and mail them (to the recipients and to the IRS), but that too seems cumbersome. Is there a way to do this via TurboTax (preferably without purchasing a different TT product)?

PatriciaV

Employee

Yes, if you have a business and paid contractors more than $600 each last year, you will need to send them Forms 1099-NEC.

If you upgrade to TurboTax Home & Business or TurboTax Online Self-Employed, you can e-file those forms for free. Otherwise, you may look for third-party services that allow you to prepare and e-file 1099's at a per-form price. Search your browser for "1099 e-file online."

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