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If your Form 1099-MISC shows an amount in Box 7 for nonemployee compensation and it’s because you did consulting work or other services for someone, based on IRS regulation, you DO now "have a business!" and the IRS considers you as self-employed. You’re in the business of consulting, and you have to file Schedule C to report that 1099-MISC income. The Schedule C is located in TurboTax Self-Employed version. This is a requirement, not an option!
The good thing about filing Schedule C is the ability to apply any expenses you incurred while performing those services.
If you have received a 1099-MISC and entered it into TurboTax then it will prompt you to do the TurboTax Self-Employed version. If payment for services you provided is listed in box 7 of Form 1099-MISC, the payer is treating you as a self-employed worker, also referred to as an independent contractor.
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