turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I RECEIVED 1099-NEC AS INDEPENDENT CONTRACTOR BUT WORKED FOR ONE BUSINESS. DOES THAT MEAN I AM SELF-EMPLOYED? DO I NEED TO FILE A SCHEDULE C OR REPORT AS OTHER INCOME?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MinhT1
Expert Alumni

I RECEIVED 1099-NEC AS INDEPENDENT CONTRACTOR BUT WORKED FOR ONE BUSINESS. DOES THAT MEAN I AM SELF-EMPLOYED? DO I NEED TO FILE A SCHEDULE C OR REPORT AS OTHER INCOME?

Yes. You are self-employed..

 

Income reported in box 1 of form 1099-NEC is self-employed income. You are considered as self-employed and in IRS terms, are operating a business doing what you do to earn the income reported on the form 1099-NEC. You enter your form 1099-NEC in TurboTax and TurboTax will populate a Schedule C after you enter all your information. You can deduct any expenses you paid related to this activity (such as supplies, car expenses, etc.)

 

Self-employed income is subject to income tax AND self-employment tax (calculated at 15.3% on 92.35% of net self-employed income).

 

You don't own a business in the common meaning of the word. So in TurboTax answer that you use the cash method, that you don't have an EIN. You use your own name as the business name and your personal address as the business address.

 

You’ll need to use TurboTax Deluxe Online (or TurboTax Premium if you have expenses to deduct), or any version of TurboTax (CD/Download)

 

You can read this TurboTax article for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies