MelindaS1
Expert Alumni

Self employed

If you received any income on Form 1099-NEC or 1099-K, that gets reported on Schedule C as self-employed income; even if you worked with a large company such as Lyft or Uber.

 

The good thing about earning "1099 income" as opposed to W-2 wages, is that you get to deduct all your ordinary and necessary business expenses incurred while carrying out this line of work: learn more

 

On the other hand, you do have to pay both the employee and employer's share of withholding taxes, known as self-employment taxes. Often this requires making estimated tax payments throughout the year. Learn more: FAQ - Self-Employed Federal Income Taxes

 

Note: the above does not apply if your 1099-K only includes sales from personal items sold at a loss, and other non-taxable transactions; learn more - Did You Get a Form 1099-K and Aren’t Self-Employed or a Small Business?

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