If you do work and receive a 1099, you are self-employed and run your own business. Use your personal information when going through the business set-up screens, not the business that paid you. As an independent contractor, you own your own business. It may not seem like you do, but for tax reporting purposes, you do. The business name is your name and the business address is your address. Go through the screens and TurboTax will get your 1099 reported correctly. You need to set up your ''business'' so that you can get all the deductions available to you.
Key Points on 1099-MISC and Other Self-Employment Income
- When you’re paid this way, there’s no withholding taken out of your income, which means you’ll pay both self-employment tax as well as income tax.
- A benefit of being self-employed is that it enables you to have lots of write-offs as well, so make sure to enter all your expenses. This helps you reduce the taxes you might owe or increase your refund. We’ll help you get every possible tax break you deserve.
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