If you received more than $600, you should be issued a 1099-MISC. If not, you will not receive the document, but you still need to report the income. Please note, this will require you to pay self-employment taxes, which are Social Security and Medicare taxes, on this income.
Follow these steps if you have a 1099-MISC:
- Under the Federal menu, click on Wages & Income
- Expand the menu for Other Common Income
- Click Start/Revisit next to Form 1099-MISC
- Enter the information as shown on your document
If you have a business and the 1099 income is related to the business, you may have to create a Schedule C. This will also allow you to deduct business expenses. Follow these steps:
- From the Federal menu, click on Income & Expenses
- Expand the menu for Self-Employment
- Click Start/Revisit next to Self-employment income & expenses
- Edit next to the business or Add the business if needed
- Include the expense in Other Miscellaneous Expenses with a description
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