The 1099-NEC will be entered and treated as Self-Employment income.
Form 1099-NEC stands for Non-Employee Compensation and can only be treated as Self-Employment income.
Self-Employment income is subject to "Self-Employment Tax" (FICA).
In TurboTax, you'll have to set up a business for the 1099-NEC.
Enter the 1099-NEC as income for this business.
There won't be any expenses since there are no expenses relating to getting this 1099-NEC.
As an employee, health plans provided by an employer are not considered wages.
This changes when you are no longer an employee.
There is a deduction available to a self-employed taxpayer that pays for health insurance for their employees, which you would not ne eligible for.
There is also a deduction available for a self-employed taxpayer that provides their own health insurance coverage, however if your former employer subsidizes the plan you participate in, or your spouse is eligible to participate in an employer-subsidized plan, that deduction would not be allowed.
You could claim your portion of the premiums on Schedule A as medical expenses, although that would be treated like any other medical expense and only apply if you decide to itemized deductions.
Regardless, you will be charged Self-Employment tax on the income reported on Form 1099-NEC.
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