You'll need to report income on form 1099-MISC as self-employment income.
Social Security and Medicare tax for a self-employed person is known as self-employment tax which will be calculated by TurboTax and added to the amount of tax due. If you did not pay estimated taxes, you'll have to pay a small penalty for underpayment of estimated taxes.
To report this income in TurboTax, open your tax return and follow these steps:
- Click on Federal Taxes, then on Wages and Income
- Under All Income, locate the Self-Employment section
- Click Show more and click Start next to Income and Expenses (see attached screenshot).
You'll need to upgrade to TurboTax Deluxe to report this income. If you have expenses to claim against this income, you'll need to upgrade to TurboTax Self-Employed.
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