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Get your taxes done using TurboTax
I am going to answer this question assuming the following:
- you are self-employed
- the 1099-NEC and 1099-MISC were payments for your self-employed work
If this is the case, then you have a self-employed business! You may not have a storefront, but in the IRS's eyes, you are a business.
This means you need to put the 1099-NEC and 1099-MISC under your Schedule C, or business income.
To get there, you will go to Wages & income, then select Self-employment income and expenses
That's where you'll enter your self employment income (from forms and also any cash or checks received directly), enter any business expenses and come up with your net income.
You will pay Self-Employment tax and income tax on the net income amount.
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‎September 25, 2024
4:55 PM