Get your taxes done using TurboTax

The 2024 returns won't open until mid Nov or December for Online accounts.  Have you been using the extra Live or expert help service?  You should be able to do it yourself.

 

You now get a 1099NEC for self employment income and a W2 for  jan-June.  

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You will need to use the Online Premium version or any Desktop program but the Desktop Home & Business version will have the most help.


Turbo Tax Beginners Tax Guide for the Self Employed
https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...


What is form 1099NEC?
https://turbotax.intuit.com/tax-tips/irs-tax-forms/what-is-form-1099-nec/L5fbwIFSn


Here is some IRS reading material……
IRS information on Self Employment
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center


Publication 334, Tax Guide for Small Business
https://www.irs.gov/pub/irs-pdf/p334.pdf


Publication 535 Business Expenses
https://www.irs.gov/pub/irs-pdf/p535.pdf

 

You pay Self Employment tax on $400 or more of net profit from self-employment in addition to any regular income tax. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.