Yes, your wife must report the income reported on Form 1099-MISC as her self-employed income on Schedule C. For tax purposes, she has a business because she as paid as an independent contractor. The questions about name and address of the business are asking about her business, which can simply be her name and address.
If your wife incurred business expenses related to earning that income, those expenses can be deducted on that same Schedule C.
If your wife paid for her own health insurance policy (i.e., she was not eligible for health insurance where you or she worked as an employee) she can deduct the cost of her self-employed health insurance.
If she meets the requirements, she can deduct cost for an office in her home.
In addition to the regular income tax, your wife will pay 15.3% Self-Employment (SE) tax on her self-employed net income. This is for her Social Security and Medicare tax.
You will need a version of TurboTax that supports reporting income from self-employment (Schedule C). Generally that is TurboTax Online Self-Employed or TurboTax Home and Business Download/CD.
See the TurboTax article on Self-Employed income at this link.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
