Yes, you need to amend
your return.
An amount in box 7 of the 1099-MISC indicates that you receive non-employee
compensation. This compensation is normally reported on Schedule C of the 1040,
because it is considered "self-employment".
To handle the self-employment, you indicate that you have income from a
business. The different versions of TurboTax do this in different ways, but in
Deluxe, for example, you would go to Federal Taxes->Wages &
Income->Self-employment income (1099-MISC, etc.) and expenses and
start the interview.
Note that the IRS has been sent a copy of the 1099-MISC, so you will want to
amend the return to match your return and the IRS's records match.
To amend the return, please see the following:
If you have already filed your return, you will have
to do the following:
1. Wait
until your original return has finished being processed by the
IRS. How will you know? Well, if you are due a refund, then when you receive
it, you know they are finished processing. If you are not due a
refund, then wait at least at
least 3 weeks to make sure
that they are finished with it.
2. Amend your
return through TurboTax, adding the new 1099-MISC information. For more
information on the amendment process, please see the following:
Please see
this video from TurboTax explaining the amendment process if
you want to do it yourself - https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Video--How-to-Amend-Taxes-That-Are-Alr...
If you
want to do the amendment through TurboTax, please read the article at this
link - https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Amending-Your-Income-Tax-Return/INF120...
Normally, you would reopen the return and indicate that you want to amend the
return, and then proceed through the interview.
