When you enter the 1099-Cs. TurboTax will ask you details of the type of business, etc. and open a schedule-C. The net income from the schedule-C will go to form 1040 as business income and also open a schedule-SE ( self-employment version of Medicare and social security except now you pay both the employer's and employee's portion -- total of 15.3% on most of the net ). The it will also put in an adjustment to your gross income ( thus becoming Adjusted Gross income ) equal o 50% of the SE taxes -- so you are treated same as W-2 earners.
Now are you ready to proceed ? or do you want to file for an extension or just don't bother, file as soon as possible , especially if you have been paying estimated taxes and there at no risk of interest and penalty ?
What can I do to help ?
