I need to file a 1099 and it hasn’t asked me to yet

If you are involved in a trade or business and either make a payment to other people or entities, you will likely need to report these transactions to the IRS if they total more than certain amounts during the tax year.

Depending on the nature of these payments, the IRS requires the amounts paid to be reported on either Form 1099-MISC in the case of payments for rent, royalties, prizes and awards, substitute payments in lieu of dividends and other items or 1099-NEC if the payments represent nonemployee compensation.

Prior to tax year 2020 these payments usually appeared on Form 1099-MISC. Now, businesses must separately report nonemployee compensation on Form 1099-NEC. Any payments made to employees, including income, retirement contributions, insurance payments, expense reimbursements and travel expenses, typically go on Form W-2. Other than the change for nonemployee compensation, the use of Form 1099-MISC remains mostly the same for payment reporting.

Where do I enter a 1099

1. go to Personal

2. go to Personal Income

3. go to Other Common Income

4. look for 1099 and the type (MISC or NEC)

5. click Start and TurboTax will guide you through this