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Why they have not included the field to enter the income from 1099 C in Part I of the schedule C since most of the self employed will receive the new 1099 NEC. I am assuming they are going to update it but I have not heard about it.
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Its early, and they will probably have something by Jan. If you notice they took out box 7 on 1099misc
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Thank you Terry
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You dont need the 1099 to report Sch C income, just enter all business income on Line 1 of the Sch C (since most self employed people have income in addition to the 1099 anyhow), as long as all income gets reported, that's all thats needed.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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I am sorry but surely you need them. Otherwise, your independent contractors will input whatever they feel like in Line 1. In addition too, it is a mess if the amount you report do not match what the employers are going to send to the IRS. I have never heard anybody saying you do not need the Form 1099 Misc., now the new 1099 NEC. But thank you anyway.
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Line 1 is designed to income it is not included in any form. I understand that if you put the right amount in Line 1 it is calculated accurate but there is a reason why they divide the origin of the business income. That is just my opinion, Thank you.