pk
Level 15
Level 15
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Retirement tax questions

@Maggiecp2 , if I am reading your situation correctly :

(a) your income is reported to you on 1099-NEC

(b) you do not have a W-2 and not an employee somewhere

 

In such a case , 1099-NEC incomes are NOT reported under wages. These are treated as self-employment / sole proprietor based income.  Thus are reported on Schedule-C -- gross income ( shown on 1099-NEC) ,  allowable expenses associated with this  income stream are deductible before computing the net income .   On this income you pay taxes and also  Self-Employment  Taxes ( Social Security & Medicare taxes at 15.3% of about 92 % of net income ).   In TurboTax , select "1099-NEC" in come category and it will walk you through filling out the  proper forms and schedules.

Is there more I can do for you ?

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