If the payment you received pertained to your former employment, your employer should have included it on your W-2 for your final year.
If you did work for them as an independent contractor after your retirement, then the income would be correctly considered self-employment and reportable on Schedule C along with any deductible expenses.
To enter a payment that was incorrectly reported on Form 1099-NEC, you can go to Other Reportable Income. Delete the Form 1099-NEC entry that caused TurboTax to generate a Schedule C. The IRS information return matching programs will look for the amount to be accounted for on your return.
In TurboTax Online:
- Go to Wages and Income
- Scroll down to Less Common Income
- Go to Miscellaneous Income
- Select Other Reportable Income and follow the prompts. Enter a description of the reason for the payment.
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