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M
mwojtaluk
February 29, 2024
Question

I am using QB Self-employed. How can I link a 1099-NEC that my client issued to my Schedule C?

  • February 29, 2024
  • 1 reply
  • 0 views
In the past, I was just adding the 1099-NEC form in Turbotax under additional income but I think it counts that additional 1099 as a separate business. This year all of my self-employed income came from one client and I need it to be linked in Schedule C so I can deduct my expenses from it.

1 reply

JoesemM
JoesemM
February 29, 2024

I'll point you in the right direction to guide you with your 1099-NEC, Mwojtaluk.

 

As you file your return, ensure to include Form 1099-NEC under Schedule C to accurately report your business income and expenses. This ensures that the income is reported within the correct section and form of your return to remain compliant.

 

Follow these steps to go to the Schedule C section of your return:

 

  1. On the top right corner of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner).
  2. Type in “schedule c” (or for CD/downloaded TurboTax, click Find).
  3. Click on “Jump to schedule c”.
  4. Click on the blue “Jump to schedule c” link

 

If you have already created a Schedule C in your return, click on 'edit' and go to the section to 'Add Income'. This is where you will re-enter the Form 1099-NEC.

 

Also, I'd recommend reaching out to our Turbo Tax Support Team for assistance with your 1099-NEC. Our team of experts can guide how to accurately include it in your tax forms, especially in your Schedule C. 

 

On the other hand, you'll want to review your tax profile in QuickBooks Self-Employed. This way, we can ensure it's updated to calculate your tax payments accurately.

 

Please let us know if you require further assistance or have any additional questions about filing your 1099s. I'm always here to help.

M
mwojtalukAuthor
March 1, 2024

Thank you, @JoesemM !  One more question. How should I classify in QB Self Employed the income that's included in the 1099-NEC? It's a business income, of course, but should I omit it in QB (or categorize it as a personal transaction?) and add it later in Turbotax per your instructions above? Or should it be categorized right away in QB as business income?

R
RCV
March 1, 2024

Let me share some information on how QuickBooks Self-employed (QBSE) handles, mwojtaluk.

 

In QuickBooks Self-Employed, the figures included in the 1099-NEC are normally categorized as business income. You have the option to omit it or categorize it as a personal transaction. Depending on your preferences, you can classify it right away as business income to ensure accurate tracking and reporting. Later, when using TurboTax, you can easily import this categorized income for tax purposes.

 

This approach ensures proper organization of your business finances and simplifies tax filing processes. Ultimately, I'd still recommend consulting with an accounting professional for proper categorization and additional guidance. I got you this article that you can read to learn more about how QBSE works: QuickBooks Self-Employed Overview.

 

Additionally, you can generate reports that provide estimates of your federal quarterly tax payments and annual tax information. These give you an in-depth understanding of your tax obligations and help you make informed financial decisions.

 

I'm ready to help you with further questions about filing 1099 NEC in QuickBooks Self-Employed. If you need further clarification, tap the reply button below, and I'll be there to assist you.

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