MinhT1
Expert Alumni

Get your taxes done using TurboTax

Amounts reported in box 7 of form 1099-MISC are considered as self-employed income.

 

You should report the whole amount of $6,500 as income, but you can deduct the amounts you paid out for the project as business expenses. And you will be taxed (income tax and self-employment tax) on the net amount after epenses.

 

 

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