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If you have "Non-employee compensation" (Box 7 of a 1099-MISC), according to the IRS it is considered income from self-employment. You are considered to have a self-employed "business" and you are the "owner". TurboTax will help you report it as Business Income on a Schedule C or C-EZ.
If you have only income from self-employment and no expenses, there is no need to upgrade from Deluxe. If you do have expenses, however, that will trigger an upgrade to the TurboTax Self-Employed edition.
You may be able to deduct business expenses directly from that income.
TurboTax will guide you through the entries of your "business".
How to get there:
1. type Schedule C in the Search Box at the top of the screen (you may see a magnifying glass there).
2. Click Jump to Schedule C.
Follow through the interview in the Business section. You'll notice blue links that have more information and details about the particular sections that will be extremely helpful.
If you have "Non-employee compensation" (Box 7 of a 1099-MISC), according to the IRS it is considered income from self-employment. You are considered to have a self-employed "business" and you are the "owner". TurboTax will help you report it as Business Income on a Schedule C or C-EZ.
If you have only income from self-employment and no expenses, there is no need to upgrade from Deluxe. If you do have expenses, however, that will trigger an upgrade to the TurboTax Self-Employed edition.
You may be able to deduct business expenses directly from that income.
TurboTax will guide you through the entries of your "business".
How to get there:
1. type Schedule C in the Search Box at the top of the screen (you may see a magnifying glass there).
2. Click Jump to Schedule C.
Follow through the interview in the Business section. You'll notice blue links that have more information and details about the particular sections that will be extremely helpful.
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