If you do not post anything to the Deduction & Credit section for the itemized deductions, the default is the Standard deduction, and it will be posted for you.
- If you only have a 1099-NEC for $10K the standard deduction will be more than enough to eliminate any income tax.
- However. a 1099-NEC is for Non-Employee Compensation, and it suggests that you have a business. If this is true you are subject to self-employment tax.
- The self-employment tax rate is 15.3%. That rate is the sum of 12.4% for Social Security and 2.9% for Medicare.
If you need it, this is some guidance to file an extension.
This will give you until October 16th, 2023 to file your tax return.
On the sidebar go to:
- Tax Tools
- Then select Tools
- In the four green boxes select Tax Topics
- Type extension
- Need More Time to File Your Return?
- Select Start Easy Extension
- This will give you until October to file.
TurboTax file an Extension
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
