If I have income marked in QB SE then enter the 1099 info into TT I'll be double taxed. How do I avoid this?
Welcome to Community, BoldWasabi.
Allow me provide some information on how QuickBooks Self-Employed (QBSE) handles your taxes.
For your 1099, you'll need to tag those transactions as Personal income to avoid being taxed twice. Then, file the 1099 as usual in Turbo Tax. Make sure you've categorized all the transactions correctly and recorded those on your Tax profile.
I'd still suggest reaching out to an accountant to help you categorize your personal taxes. This way, we can avoid tax adjustments. For more information about managing 1099s in QBSE, check out this article: Fill out a W-9 and view your 1099-MISC in QuickBooks Self-Employed.
If you're ready to file your taxes, refer to this article for further guidance: QuickBooks Self-Employed annual tax guide.
Reach out to me if you have additional questions on how to manage your taxes. I’m more than happy to assist you further. Enjoy the rest of the day and stay safe.
Thanks for the reply. Won't marking the transaction as "Personal Income" mean it will be taxed in addition to the 1099 which I will be taxed on? It seems you're describing a double tax situation for me. Which is what I want to avoid.
Hi there, BoldWasabi.
I appreciate you for getting back to us.
With this, I highly recommend reaching out to your accountant to ensure this is the best course of action for you and your business.
I'm also adding this article for more information about how QBSE tracks your business income and tax obligations: QuickBooks Self-Employed Overview.
I'm always here to help if you have any other concerns or questions about the 1099s. I'll get back to you as soon as I can. Take care.