Whats a 1099 and I'm not a business owner?

[Marketstar · Accepted solution]

If your compensation is listed in box #7 of Form 1099-MISC, the IRS considers you to be self-employed, also referred to as an independent contractor.

If you earned more than $400 net income (income less expenses) working as a self-employed individual (or independent contractor), you must file a Schedule C, business income and expenses with your personal return and pay self-employment tax-same as withheld on a W-2.

If you otherwise earned enough to file a return, you must report your self-employment income, no matter how small.

To report your business income and expenses in TurboTax:

• Type in schedule c in the search box, top right of your screen

• Hit the Enter key

• Click jump to schedule c in the search results

• Follow the prompts and online instructions

[Marketstar]

If your compensation on your 1099-MISC does not show in box #7, let us know.