You receive this form from a business that paid you $600 or more for nonemployee compensation.
If you earned enough self-employment income, you must pay self-employment tax regardless of your age, even if you are retired and already receive Social Security or Medicare benefits. Net earnings are calculated by subtracting deductible expenses from your gross self-employment income (reported on the 1099-NEC form).
You have to file an income tax return if your net earnings from self-employment were $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement.
For more information, please check:
Self-Employed Individuals Tax Center
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