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I received a 1099 for working for a company, What do I file that under?

 
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2 Replies

I received a 1099 for working for a company, What do I file that under?

Is it a 1099NEC?  That is self employment income.  You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or use any of the Desktop CD/Download programs.

 

How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire. You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040. The SE tax is already included in your tax due or reduced your refund. The SE tax is in addition to your regular income tax on the net profit.

 

Here is some IRS reading material……
IRS information on Self Employment
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center


1040 Schedule C Instructions
https://www.irs.gov/pub/irs-pdf/i1040sc.pdf


Publication 535 Business Expenses
https://www.irs.gov/pub/irs-pdf/p535.pdf

 

Vanessa A
Employee Tax Expert

I received a 1099 for working for a company, What do I file that under?

If you were an independent contractor you would enter it by selecting the following:

  • Wages and Income
  • Show More next to Other Common Income
  • Start next to 1099-NEC or 1099-Misc (whichever you received)
  • Follow the steps to enter your 1099

TurboTax will generate a Schedule C when you enter your 1099.  You will need to upgrade to TurboTax Self-Employed to complete your return with the 1099. 

 

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