First document I entered was the 1099-NEC I received from Amazon as a part of their Vine program. The listed amount was about $1,100.
At the time TurboTax was showing a refund due from Federal. When I entered the 1099-NEC, the refund amount went down. Calculating the effective tax rate from that one action, the 1099-NEC is being taxed at an effective rate of 36%.
Does that sound right? I was expecting to be taxed somewhere in the lower 20's.
thanks
