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1099-NEC and Schedule C
I received a 1099-NEC with an amount in Box 1. I do NOT have an expenses with this. When I answered the question "do you have an expenses", I answered "no" and it completed the section. It did not create or prompt me for to complete a Schedule C. So, it looks like I am paying taxes on the full amount in Box 1 and there doesn't seem to be a place where it gave me credit for paying the employer side of the taxes.
So, two questions: Do I always need to fill out a Schedule C even if there are no expenses? It is correct how TurboTax did it?
Shouldn't I get a credit for the employer tax instead of paying the fulls self-employment tax? Thanks!
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‎January 26, 2021
6:58 AM