I have run into the same situation but received a 1099-NEC which classified the income as self-employment income. Would the approach be the same for the solution as you applied to this response to the 1099-MISC and self employment?
Another question I have is about the related Deduction that is allowed. Deductions - Self Employment Tax Deferral.
The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) gives self-employed taxpayers the option to delay paying a portion of their Social Security taxes when they meet certain requirements.
The option to defer only applies to Social Security taxes for self-employment income you earned from March 27, 2020 through December 31, 2020. This income is typically reported on Schedule C (profit or loss from business) or Schedule H (for household employees) of your tax return. It appears the Medicare Tax was not included in this waiver.
If you think you may be eligible for the self-employment tax deferral, TT will walk you through the requirements as well as calculating how much tax you owe and how much you can defer.
After I entered in the 1099-NEC income in TT it gave me the option to enter it as self-employed which would push this income to Schedule C is this the best path if the deduction deferral of the Social Security Taxes is to be claimed?
J-Dog
