Those expenses can certainly wipe out the income from your 1099 and give you a loss against the rest of your income. This amount is different from the standard deduction that everyone gets, the amount depending on your filing status. The standard deduction is used to reduce your income, regardless of its source.
You would include your 1099 income and expenses on Schedule C in the Self-Employed Edition.
Instructions
- Open your return.
(To do this, sign in to TurboTax and
click the Take me to my return button.)
- Search for “1099-misc” at the
top. In the search results, click the “Jump to” link.
- Now follow the screens to
enter your 1099-MISC info and answer some questions.