You are considered self-employed and a business owner. Take a look at your form. A 1099-NEC having an amount in box 1 and 1099-MISC with an amount in boxes 1, 5, 9, or 10 is a good indicator that it's self-employment income.
You should file a Schedule C which is a self-employment (business) schedule to report your income and expenses. You can deduct expenses related to this income.
How do I enter self-employment income?
SE expenses?
What does this mean for my taxes?
SE Tax Guide
Follow these instructions to enter a 1099-NEC and/or 1099-MISC form. After you enter the info from your form, we’ll ask you a few questions to make sure it’s for self-employment. If not, we’ll link it to the correct income section of your return. You can use your name and home address as the business set-up information.
1099-MISC unrelated to self-employment
A non-work 1099-MISC would be for things like:
- Prize money
- Lawsuit settlements
- Research studies
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