1099-NEC form

I have received a 1099-NEC form for income that was previously reported on 1099-MISC. I do not find the 1099-NEC form on the list of tax forms to assign to categories. When will this form be added? I am using Quicken for Windows Home, Business & Rental Property, version R32.10, build 27.1.32.10 on Windows 10 Home.
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Best Answer

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    Hi @paul16,

    The 1099-NEC form (NEC for Non-Employee Compensation) has risen from the dead this year - after having been retired after 1982.  Since that time, such payments to non-employees (like independent contractors) have been reported on NEC boxes as part of Form 1099-MISC.

    That being said, I do not believe that its likely that Quicken will add this form to "Tax Line Items" in the Category List, since it hasn't actually been updating those for a few years. So, I would suggest that you simply link the category you use for entering such payments received in Quicken to the tax line "Schedule C:Gross receipts or sales" as shown below.



    Let me know if you have any questions.

    Frankx


                           Quicken H&B-Subscription - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
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Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    Hi @paul16,

    The 1099-NEC form (NEC for Non-Employee Compensation) has risen from the dead this year - after having been retired after 1982.  Since that time, such payments to non-employees (like independent contractors) have been reported on NEC boxes as part of Form 1099-MISC.

    That being said, I do not believe that its likely that Quicken will add this form to "Tax Line Items" in the Category List, since it hasn't actually been updating those for a few years. So, I would suggest that you simply link the category you use for entering such payments received in Quicken to the tax line "Schedule C:Gross receipts or sales" as shown below.



    Let me know if you have any questions.

    Frankx


                           Quicken H&B-Subscription - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭
    Since Quicken is not a tax program it does not have a complete list of all the different tax forms and it has not been getting new forms added (at least not that I can see) for quite some time.  You might want to review the following Product Improvement suggestion:  Tax Reports Should Contain current 1040 tax schedules, such as 1, 2 and 3.  While the title refers only to Schedules 1, 2 and 3, the body of the post talks about allowing users to add tax forms that are missing.  If you are in agreement with this suggestion, then please vote for the idea by clicking on the button at the bottom of that post.  The Quicken Team does review Product Improvement suggestions and the more people who vote for an item the more likely it will be that at some point the idea will be added to their development plan.
    You can also bookmark this Product Improvement suggestion by clicking on the star to the right of the post's title.  Then you will be kept informed of when there are changes made or status updates.
    (QW Premier Subscription: R33.24 on Windows 10)
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