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March 10, 2024
Question

How do I report income received on a 1099-NEC?

  • March 10, 2024
  • 1 reply
  • 0 views
What is the 6 digit code needed to be entered?

1 reply

SharonD007
March 10, 2024

You will report the income from your 1099-NEC income on ‌Schedule C of your tax return. The IRS considers self-employment income as a business, so the good news is that you'll be able to deduct common business expenses from that income. To enter the business and self-employment income, follow the steps below:

 

  1. Open TurboTax
  2. Select Wages & Income
  3. Select Self-Employment Income and Expenses
  4. Select Yes to Did you have self-employment income?
  5. Enter the type of work that you did to make the income on your 1099-NEC on the next screen
  6. On the next screen, right
  7. TurboTax will guide you through the interview screens to help you enter your business and your 1099-NEC.

Assuming that the six-digit code that you are referring to is the business code.  You can select Look up my business code on that screen and TurboTax will give you a list of business categories on the right that you can choose from. When you select the business category, there will be a list of business codes, so choose the one closest to the type of your business.

 

 

 

Review the TurboTax articles Reporting Self-Employment Business Income and Deductions for more information on business deductions.  For additional information, review What self-employed expenses can I deduct? and How do I report income from self-employment? 

 

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