Technically, a person receiving Form 1099-NEC is self-employed in the way tax is paid on the earnings. The issuer has not paid the employer side of social security or Medicare tax, or 7.65%, for the earnings. Therefore, the form is issued to you and is subject to the full 15.3% social security and Medicare tax.
To report this in TurboTax with a new Schedule C, since your business closed a number of years ago, in the Wages & Income section, scroll down to Self-employed Income & Expenses. Form 1099-NEC can be reported under your social security number without a name to the business other than your own name. This would give you the opportunity to offset the earnings with ordinary and necessary business expenses.
Otherwise, it would be entered in the Other Common Income section. To see this in TurboTax, scroll down in the Wages & Income section for that title, select Show More and proceed with either selecting 1099-NEC for Online or Visit all in the CD/Download version,
For more information, see Does a 1099-NEC or 1099-MISC mean I'm self-employed?
