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To enter your self-employment income click the following:
This income will be reported on Schedule C which is part of your overall tax return. This also means you will be subject to SE Tax. If you did not pay SE Taxes in 2023, and if you plan to do this again in 2024, it may be a good idea to make quarterly estimated payments to cover your SE taxes of 15.3% and avoid penalties.
If you have health insurance through a non-employer, you may also be able to deduct your health insurance premiums as a business deduction. The Self-Employed Health Insurance deduction is limited to your earnings. Meaning, you cannot deduct more than you earned. This is also entered in the business expense section.
Taking Business Expense Deductions
You can fill out Schedule C and enter 1099NEC or Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to the Premium or use any of the Desktop CD/Download programs. All the Desktop programs have the same forms, so you can buy a lower version. You just get more help and guidance in the higher versions.
How to enter income from Self Employment
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