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January 21, 2025
Question

Does anyone know how to fill the 1099-NEC form? I received a 1099-NEC form from an employer for teaching at college, but I don't know how to upload

  • January 21, 2025
  • 2 replies
  • 0 views
How can I upload this information to turbotax because the system is keeping ask you questions that are not on the form.

    2 replies

    VolvoGirl
    January 21, 2025

    1099NEC is self employment income.

    Yes you are the owner of your own self employment business.  You are in business for yourself.  Use your own info.  The people or company that pays you is your customer or client.  You are considered to have your own business for it.  YOU are the business.

     

    You need to fill out schedule C for self employment business income and pay self employment tax in addition to regular income tax on it.  The SE tax is to pay Social Security and Medicare tax that wasn't taken out like on a W2.

     

    You use your own name and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all  income is at risk.  After you put in your income and expenses  if your net profit is $400 or more you will pay 15.3% for 2013  Self Employment tax in addition to your regular income tax.  The Schedule SE will be automatically filled out for it.

     

    You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to the Premium version.

     

    How to enter income from Self Employment

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

     

    Here is some IRS reading material……

     

    IRS information on Self Employment

    http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

     

    Pulication 334, Tax Guide for Small Business

    http://www.irs.gov/pub/irs-pdf/p334.pdf

     

    Publication 535 Business Expenses

    http://www.irs.gov/pub/irs-pdf/p535.pdf

     

    Turbo Tax Self Employed Tax Hub
    https://turbotax.intuit.com/personal-taxes/self-employment-taxes

    January 21, 2025

    You do not "upload" a 1099NEC.   You key it in by hand.   And...if you received a 1099NEC it did not come from an employer---it came from a client.   "NEC" means    "non-employee compensation"

     

     

     

     

    If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare,  you will need to use online Premium software or any version of the desktop software download so that you can prepare a Schedule C for your business expenses.

     

     

    https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

     

     

    https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_US

     

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

     

    https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

     

    https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

    https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

     

     

    https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

     

     

    https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-

    calculator-2021-2022-50907/

     

    https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

     

     

    If you live in a state with a state income tax, you might need to make estimated payments to your state.

     

     

    https://turbotax.intuit.com/tax-tools/calculators/self-employed/

     

    https://ttlc.intuit.com/community/business-taxes/discussion/self-employed-don-t-miss-these-tax-

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**