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G
Gregory25
February 26, 2023
Question

Recording of 1099NEC

  • February 26, 2023
  • 1 reply
  • 0 views

Hi.

I'm a small business owner (Schedule C.) Where do I record the amount of money from a 1099NEC that I gave to someone on my tax return? On my Schedule C, it only asked if I gave someone a 1099. Where is the dollar amount recorded? 

    1 reply

    J
    JamesG1
    February 26, 2023

    The IRS form 1099-NEC's that you created represent expenses recorded against your self-employment income reported on Schedule C form 1040.

     

    As an example, you may have created one 1099-NEC for $1,000 for a plumbing contractor and a second 1099-NEC for $1,000 for an electrical contractor.

     

    The $2,000 in expenses may be recorded under Repairs on your Schedule C form 1040.

     

    @Gregory25 

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