If you received a form
1099-misc, then you are considered self-employed and will file a Schedule C to
report your income and expenses to determine whether you had a taxable profit
or deductible loss.
You can use the TurboTax Deluxe
and Premier editions if you are only reporting the income from the 1099-Misc
and have no expenses to deduct. If you have expenses to deduct, then you
will need to upgrade to TurboTax Home and Business to enter the business
expenses.
How to enter
the 1099-Misc in Deluxe and Premier:
Go into your account with Turbo
Tax
Select Federal Taxes, then
Select Income and Wages, then
Self Employment > Income and
Expenses - Start or Update
Or if you aren't sure, then you
can enter it under Other Common Income > Form 1099-Misc
In TurboTax Home and Business,
go under the "Business" tab, then click "Business Income and
Expenses", then click the blue button that says "Walk me through
everything". TurboTax Home & Business gives you step-by-step instructions
and guidance on entering your business income and expenses to maximize your
deductions for the biggest tax refund.
For more information, please see the
TurboTax article "Reporting Self-Employment Business Income and Deductions
at the following link: https://turbotax.intuit.com/tax-tips/self-employment-taxes/reporting-self-employment-business-income...
