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Business & farm
You would need to still enter this like it is a business because you need to pay FICA taxes on that income. Employers will issue 1099 NEC rather than a W2 to keep from paying their portion of your FICA tax. Here is how to report.
- Type Schedule C in the Search box.
- Select the Jump to link.
- Answer Yes to Did you have any self-employment income or expenses? Answer yes.
- Answer the questions regarding your profile to the best of your ability. When it asks for a business code, just put 999000
- After you complete your business profile, you will be brought to a summary page. Here pick Business Income.
- Then enter your 1099 NEC information by selecting 1099-NEC income
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‎February 16, 2024
6:16 AM
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