Yes. This is considered income from work as an independent contractor and for this reason you must complete a Schedule C. You can enter the Form 1099-NEC itself or you can simply complete Schedule C and enter the amount directly as self employment income by selecting 'Other self-employed income, includes 1099-K and cash...' . There is no reason to enter a W-2, if you have you should delete it.
You will be allowed to use any expenses that were ordinary and necessary for you to earn this money since you are self employed.
Follow the steps here to enter your income using the Form 1099-NEC:
- Search for 1099-NEC and click the Jump to... link to begin your entry.
Follow the steps here to enter your income without using the Form 1099-NEC:
- Open your TurboTax return > Search (upper right) > Type schedule c > Press enter > Click the Jump to link.
- Select to Edit beside your business > Select Income > Select Other self-employed income, includes 1099-K and cash...
The business name is your name and the business address is your address if you do not have a separate business location.
The business code should reflect the type of work you do, and if you're not sure you can always use 999999.
Information provided by our awesome Tax Expert @RayW7 provides an excellent resource about this topic here.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
