I received a 1099-NEC & a W-2 What do I do??

Forum|Forum|1 year ago
July 3, 2024
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I received my normal W-2 from my employer but they also sent me a 1099-NEC.

when i got a promotion in my job they started to give me payments for a Charles Schwab account, that they said was a much better thing to have than a retirement account. How do I file my taxes?

i know this form is suppose to be for contractors or people that are not considered employees and are employed.

any help will be very much appreciated!

JotikaT2

You will need to report your W-2 wages as you usually would under the Wages & Income section of the federal interview screen.

As for the 1099-NEC form being issued for payments made to an investment firm as a replacement for retirement account contributions, I recommend going back to your employer and asking exactly what payments were issued to you or how they were sent to the investment firm.

Did your employer offer a 401(k) where you could make contributions to a retirement plan? If so, those should have been reported in box 12 of your W-2 form and not reported on a 1099-NEC. Or did you receive cash payments for a bonus or for anything else during the year that were not a part of your regular paycheck? If it was a bonus, your employer should report these amounts on your W-2 form.

Form 1099-NEC is typically issued to non-employees to report compensation. Please see this link for more details.

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