If you received a 1099-NEC, you will be considered Self-Employed and be assessed both income tax and self-employment taxes.
Self-employment taxes an additional 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
On the sidebar
- Select Federal
- Wages & Income
- Select Wages and Salaries, or Revisit
- Scroll to Other Common Income
- Refunds Received for State/Local Tax Returns
- Form 1099-NEC
- Form 1099-MISC
- Form 1099-K
- Verify that you do have a 1099-NEC [Yes]
- You may have to upgrade your software.
- The next screen is to [Add a 1099-NEC]
- Enter your information.
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