If
this is business income you don't need a Form 1099. Self-employment income
should be based on your records. The Forms 1099 are primarily for the IRS, and
only a reminder to you.
Such
payments are reported as business income. Once entered, TurboTax will automatically compute a
Schedule C (Net Profit from Business) and, if appropriate, a Schedule SE for
self-employment tax. Note that the program has two categories when entering
business income:
1. 1099-Misc
Income
2. General Income
If
you don’t have a Form 1099-Misc, you would enter the income under the second
category.
(Note:
Among the on-line versions of TurboTax, only the Self—employed version will prepare business schedules.)
