The IRS considers anyone who is not an employee to be self-employed and operating a “business” (meaning the person has to pay their own income, Social Security and Medicare taxes).
Enter your contract income under self-employment.
- Type self-employed in Search in the upper right
- Select Jump to self-employed
If you have expenses, you will need TurboTax Self-Employed Online or Home & Business CD\Desktop. You can upgrade within the program. TurboTax will tell you who much in expenses you will need to make the update worthwhile. You still have to report the income, even if you don’t report expenses. The IRS requires you to report all income, whether you received a 1099-NEC or not.
The ultimate guide to tax deductions for the self-employed
If you upgrade to TurboTax Live, you can have unlimited access to a Tax Expert. Or you can upgrade to Full Service and let a Tax Expert prepare your taxes. You can opt out at any time.
Self-employed individuals may defer the payment of 50 percent of the Social Security tax on net earnings from self-employment income for the period beginning on March 27, 2020 and ending December 31, 2020.
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