Yes, you will need to include this in your income and will need to pay taxes on it. Also, if it is from work as an independent contractor you will need to pay Self-Employment Taxes on this income (you may need to upgrade to TurboTax Self-Employed). TurboTax will figure this out for you as you answer the questions when you enter the 1099.
W-2 income does not cancel out 1099-Misc Income. They are added together to arrive at your Adjusted Gross Income.
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