Because you have an ongoing activity for profit where you receive a Form 1099-NEC, and you are not an employee, you are treated as having a business. Answer all of the questions in that section in order for your taxes to be accurately calculated.
- Some of the questions are for calculating your Qualified Business Income Deduction.
- Enter your own address unless you have a separate address from which you conduct the activity.
- Most small businesses use the Cash method of accounting. See this help article for an explanation of the accrual method.
- See this IRS topic about material participation.
- See here for the IRS list of business activity codes.
You can typically e-file with a Form 5329. Review the reason TurboTax has identified for needing to mail your return.
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