You have to report the amount on the form as a part of your 2020 income. According to the IRS ruling, you have to report the form 1099-NEC as self-employment income. You'll have to pay self-employment tax on the wages, however you can deduct your job related expenses, which you cannot do with your W-2 wages.
To report that income in TurboTax follow these steps:
- Open or continue your return, if you're not already in it.
- Search for 1099-NEC and select the Jump-to link.
- Answer Yes to Did you get a 1099-NEC?
- Enter the info from your form into the corresponding boxes.
You can learn more here:
How to File Taxes with IRS Form 1099-NEC
