No, it sounds like you're doing this correctly. It is taxable, and it's subject to self-employment tax.
For IRS purposes, your wife would be considered an independent contractor and self-employed, and so the TurboTax program is populating the Schedule C you're seeing.
And, since she was self-employed, the program will also be completing a Schedule SE for self-employment tax. This reflects the equivalent of what's withheld on a Form W-2 for Social Security and Medicare.
Please see the TurboTax Help article Am I considered self-employed? for more information.
You might see if you can recreate any expenses she may have incurred by going through old credit card or bank statements.
Income from work reflected on Form 1099-MISC is considered Qualified Business Income (QBI). It's not considered wages, but it's income that will provide your wife with something of a tax deduction.
