1099 NEC after internship

[carlcam]

Hello,

I am in graduate school and I received a 1099-NEC from a summer internship for $8000. Two questions:

- Do I have to pay SE taxes?

- If I do, what can I realistically deduct as business expenses? The internship was on-site for 2 months where I had to commute every day using public transportation and I had to have meals with my coworkers. I used my own computer.

[xmasbaby0]

You cannot deduct anything for commuting to and from work, nor can you deduct your meals.   Those are normal  personal expenses incurred by anyone who works.

You have self-employment income for which you will pay self-employment tax for Social Security and Medicare.   You will need to use online Premium software or any version of the CD/download so that you can prepare a Schedule C for your business expenses.

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_U...

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

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-

[carlcam]

Thank you for your quick reply

On schedule C, TT is flagging some errors on some fields that has to be filled out. Could you help me on these:

- Description of the principal profession: Internship?

-Business name: My name?

- Address: My address?

- Is this business a qualified trade: Yes?

- Accounting method: Cash?

Play an active role in the business: Yes?

- Materially participate: Yes?

- Payments in 2023 that would require to file 1099?  No?

- EIN: No?

- Business code: 999000?

[DianeW777]

Yes we can help. You have many of the correct answers so here is the verification for you.

• Description of the principal profession: Internship? Yes, you can use this. 
• Business name: My name? / - Address: My address?  Yes, it's your name and address. 
• Is this business a qualified trade: Yes  /  - Accounting method: Cash 
• Play an active role in the business: Yes  /  - Materially participate: Yes  
• Payments in 2023 that would require to file 1099?  Unless you paid $600 or more for someone to assist you, the answer is No 
• EIN: No - This is not required unless you have employees.  
• Business code: 999000 This will suffice however you can use the Business Activity Codes to find a code close to the kind of work you were doing.

@carlcam