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April 2, 2022
Question

Do I need to file the 1099-NEC form I received even though I have not been in business over 20 year? If I do, where do I file it?

  • April 2, 2022
  • 1 reply
  • 0 views
I was getting rid of old farm equipment that hadn't been used for over 10 years. I sold it to a rancher and then received a 1099-NEC. It was not something for a profit but just to get rid of.

1 reply

LeonardS
April 2, 2022

Yes, if you received a Form 1099-NEC you will have to file it even if you have not been in business for over 20 years.  You have to file even if it was not something for a profit.

 

Follow these steps to enter your 1099-NEC:

 

  1. Sign in to your TurboTax account if it is not open
  2. Enter 1099-NEC into the search box
  3. Click on Jump to 1099-NEC in the results box
  4. Answer yes to the question Did you get a 1099-NEC
  5. On the page Do You Want to Enter Your 1099-NECs Now click Add a 1099-NEC
  6. Answer the questions on the page Let's get the info from your 1099-NEC
  7. Enter the reason for the 1099-NEC
  8. Follow the prompts to add your 1099-NEC information.

This TurboTax link What is a 1099-NEC? has information you may find useful

 

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