GeorgeM777
Expert Alumni

Self employed

Not sure what you mean by "it's listed as a negative Less Exempt Wages."  Are you an employee of the company that gave you the 1099-Misc?  Or, are you an independent contractor that was hired to do a job but you are not an employee of the person that paid you?  Follow-up with additional information so we can better understand your tax situation.  

 

Less assume you were hired to do a job but you are not self-employed, and not an employee of the person that paid you.  If that is true, then report your 1099-Misc in the section Other Common Income.  Other Common Income has an option specifically for Form 1099-Misc.  There are a few more screens to work through here versus the Less Common Income section; however, the screen(s) are more closely aligned with your Form 1099-Misc.  Please note that when working through the Other Common Income section, you will see a screen asking whether your 1099-Misc represents an intent to earn income/money, and while it may seem counterintuitive to select No, that is the response you need to select.  If you select Yes, TurboTax will report this income as self-employment income, and if you are not a self-employed person, the your 1099-Misc does not represent income from self-employment.  

 

If you are self-employed, then select Yes when you get to the screen asking you whether the 1099-Misc represents an intent to earn income.  A Yes answer will prompt TurboTax to treat you as a self-employed person and you can enter your income, along with business expenses where appropriate.  TurboTax will also prepare a Schedule SE (self-employment tax) based on your net business income.  

 

@breadsofresh 

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