Income received from serving on a board of directors is typically classified as self-employment income. Therefore, you must report this income within the self-employment section of TurboTax.
To enter your Form 1099-NEC in TurboTax, follow these steps:
1. Go to the Wages & Income section.
2. Find the area for 1099-MISC and Other Common Income.
3. Select Start or Update next to Income from Form 1099-NEC.
4. Follow the on-screen instructions to enter your details.
This process also helps you enter any business expenses related to this income to potentially reduce your taxable income.
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