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I have a 1099-Misc, but it says I am "nonemployee compensation". Do I really have to pay for the Deluxe versions to file for this?
I don't even know if the amount of money I made from this job is worth paying for the Deluxe version!
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June 4, 2019
2:57 PM
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Get your taxes done using TurboTax
How much was the 1099-MISC for and did you have any expenses?
June 4, 2019
2:57 PM
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Get your taxes done using TurboTax
If you "worked" (provided a service) to get this money, then you need to report it on a schedule C and pay income and and self employment tax. If you don't, the IRS will send a letter demanding payment of tax with interest and late fees.
To prepare a schedule C you must upgrade at a minimum to the Deluxe version. If you have expenses, you need to upgrade to the self-employment version to deduct your job expenses. Since you owe income tax and self-employment tax on the net profit (income minus expenses) you may want to consider whether the upgrade will pay off.
June 4, 2019
2:57 PM