Web12 Apr 2024 · On the screen Describe the reason for this 1099-NEC, enter a reason and Continue On the screen Does one of these uncommon situations apply?-Select This is not money earned as an employee or self-employed individual, it is from a sporadic activity or hobby and Continue. The amount entered from the Form 1099-NEC will be entered on … Web14 Apr 2024 · The fact that you received a 1099 means you are not an employee. You should file for a DBA (Doing Business As) so you can deduct all your expenses as "business expenses". Having a business name opens up all kinds of legitimate/legal tax deductions. I operate a small business with myself as Sole Proprieter.
Form 1040 - Other Income - TaxAct
WebIn fact from the back of Form 1099-NEC itself: If you are not an employee but the amount in this box is not self- employment (SE) income (for example, it is income from a sporadic activity or a hobby), report this amount on the “Other income” line … Web7 Apr 2024 · After entering your 1099-NEC, you will encounter a screen titled "Does one of these uncommon situations apply". Check the box "This is not money earned as an employee or self employed individual; it is from sporadic activity or hobby". Checking that box will put the income on line 8z of Schedule 1 as "other income on a 1099-NEC" Q. taugh lynch
1099-NEC help, please! (first-time filer) : r/tax - Reddit
Web21 Feb 2024 · Client received a 1099 for a hobby. Her expenses far outweigh her income, and they have for years. Is there anywhere to report the expenses on the 1040? She could report them on misc expenses and count them at the state level only if she itemizes, which she doesn't. ProSeries Professional 0 Cheers Reply All discussions Previous discussion Web3 Apr 2024 · 1099-NEC, box 1 - sporadic ativity? but if one is not engaged in that type of 'business and trade' activity with regularity and continuity and it was with just one entity, only one time, for a fixed time period and no more afterward, I do feel that it should … Web3 Feb 2024 · A good example of a sporadic activity is receiving remuneration for serving as the executor of an estate. Also be aware that, if you go down this road, you should not later be willing to make the argument for this or any other "sporadic" activity that it is worthy of solo-401k status. ... Part of this was justifying her 2024 1099-MISC income ... the case of the baby sitter