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form 1099-NEC


GUILLERM DIAZ

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22 minutes ago, Lion EA said:

Can you enter the $ amount directly on the form (Schedule C?) and not use the Form 1099-NEC template?

I never use the NEC or MISC input forms unless there's tax withholdings. I override sales on Sch C and rents on Sch E, all the time. I sometimes use the Sales tab on Sch C to list multiple 1099s if it would make the organizer more useful next year.

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Hi Max, I have a questions, if I input income without enter from 1099NEC., am I going to get IRS notice for under reported income?  

I knew people do tax in their own custom ways, and not get a letter, but what is the right way?  I think I would input the xxx-xx-xxxx into xx-xxxxxxx format to get it efiled.

 

Thank you!

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9 hours ago, TexTaxToo said:

Correct me if I'm wrong, but I don't think the EIN from the 1099-NEC is actually sent as part of the e-file.  The IRS just compares the total amount reported on Schedule C to the total on the Forms 1099-NEC the IRS knows about.

If the EIN is sent as a part of the efile the IRS can easily check the EINs

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The third party efiler that I use for all of my 1099s verifies the EINs and SSNs of all of the the payors and payees with the IRS before actually efiling the 1099s.

Then they send me an email if any of the EINs or SSNs are unverified.

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