The 1099-NEC is the new form to report nonemployee compensation.
The nonemployee compensation reported in Box 1 of Form 1099-NEC is generally reported as self-employment income and likely subject self-employment tax.
You would report the income as Self employment income on Schedule C. You can deduct business expenses to reduce taxable income. What Can I Deduct?
- Log in to your account.
- Select Federal from the left menu.
- Go to Wages and Income then select Income and Expenses.
- Go to Self-employment income and expenses and click start. you'll be asked some general questions about your business. After you answer them, you’ll be taken to enter your Income and Expenses.
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