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I have a 1099 NEC of &1455. Do i need to report his?

 
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2 Replies
Vanessa A
Employee Tax Expert

I have a 1099 NEC of &1455. Do i need to report his?

I am assuming this is for work you performed or services rendered.  If so, yes.  Even if you have no other income, if you have self-employment income of more than $400 you must file a tax return and report it.

 

If you do have other income and are filing a return, you must include all taxable income from all sources no matter how little it is.

 

Reporting Self-Employment Business Income and Deductions

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I have a 1099 NEC of &1455. Do i need to report his?

A 1099NEC is usually for self employment income.  You need to fill out schedule C for self employment business income and pay self employment tax in addition to regular income tax on it.  The SE tax is to pay Social Security and Medicare tax that wasn't taken out like on a W2.

 

You use your own name and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all  income is at risk.  After you put in your income and expenses  if your net profit is $400 or more you will pay 15.3% for Self Employment tax in addition to your regular income tax.  The Schedule SE will be automatically filled out for it.

 

You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to the Premium version.  Or use any of the Desktop installed programs.  All the Desktop programs have the same forms.  You just get more help and guidance in the higher versions.

 

How to enter income from Self Employment

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

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