The IRS considers this income as self-employment income, You don't have to name the business, you can use your name. The good thing is that you'll be able to deduct reasonable and customary business expenses from that income.
To report self-employment income, follow the steps below:
- Open TurboTax
- Select Wages and income
- Select Self-Employment Schedule C:1099-NEC
- Answer Yes on the next screen - Did you have any self-employment income or expenses?
- Answer the questions on each screen, when you get to the screen - Let's enter the income for your work, select the for
- Scroll through the screens to enter the information.
For additional information, refer to the TurboTax Help articles How to File Taxes with IRS Form 1099-NEC, Reporting Self-Employment Business Income and Deductions, and What self-employed expenses can I deduct?
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