Form 1099-MISC - Entering Nonqualified Deferred Compensation in Program
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To enter or review information from Form 1099-MISC, Box 7 Nonemployee Compensation:

If you have not already entered the applicable Schedule C information:

  1. From within your TaxAct® return (Online or Desktop) click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
  2. Click Business Income to expand the category and then click Business income or loss from a sole proprietorship
  3. Click New Copy of Federal Schedule C (Desktop users click Add) to create a new copy of the form or Review to review a form already created
  4. Continue with the interview process to enter all of your applicable business information
  5. When you reach the screen titled Business Income - Income, click Yes
  6. Click Yes to indicate that you received a Form 1099-MISC
  7. Click New Copy of Form 1099-MISC (Desktop users click Add) to create a new Form 1099-MISC
  8. Click Form 1099-MISC Quick Entry to open the Quick Entry window
  9. Enter all of the applicable information from your Form 1099-MISC
  10. Close the Quick Entry window
  11. Assign the Form 1099-MISC that you just entered to the Schedule C that you are currently completing from the Assigned schedule or form drop-down list

If you have already entered the applicable Schedule C information:

  1. From within your TaxAct® return (Online or Desktop) click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
  2. Click Form 1099-MISC
  3. Click New Copy of Form 1099-MISC (Desktop users click Add) to create a new Form 1099-MISC
  4. Click Form 1099-MISC Quick Entry to open the Quick Entry window
  5. Enter all of the applicable information from your Form 1099-MISC
  6. Close the Quick Entry window
  7. Assign the Form 1099-MISC that you just entered to the applicable Schedule C from the Assigned schedule or form drop-down list

Note: If the income should be reported on Schedule F (Farming Profit or Loss) and not on Schedule C, you should report the income directly on Schedule F and not on Form 1099-MISC.