Although it may be news to you that you “have a business” (and most of the other people who get their first 1099-NEC); The IRS considers anything on a form 1099-NEC to be self employment income. Enter the 1099 income, at 1099-MISC and Other Common income / income from a 1099-NEC . TurboTax (TT) will complete Schedule C for you and allow you to deduct any expenses associated with this income. You'll also have to pay self employment tax (social security & Medicare) on any profits greater than $432. These types of payments are frequently done this way.
This income qualifies for the QBI deduction.
If this was a "one time gig", you haven't written insurance policies in the past and don't intent to do it in the future, you can report the income as sporadic "other income" instead of self employment.
