Get your taxes done using TurboTax

The person who paid you should send you a 1099NEC if they paid you $600 or more.  But even if you don’t get the 1099NEC you need to report all your income.  That is self employment income.

 

You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to the Premium version or use any of the Desktop CD/Download programs.

 

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

You need to fill out schedule C for self employment business income and pay self employment tax in addition to regular income tax on it.  The SE tax is to pay Social Security and Medicare tax that wasn't taken out like on a W2.

 

You use your own name and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all  income is at risk.  After you put in your income and expenses  if your net profit is $400 or more you will pay 15.3% for Self Employment tax in addition to your regular income tax.  The Schedule SE will be automatically filled out for it.

 

 

View solution in original post