If
your Form 1099-MISC shows an amount in Box 7 for non employee compensation and
it’s because you did consulting work or other services for someone, based on IRS regulation, you DO now "have
a business!" 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!
Additionally, if you received a 1099-K. Form 1099-K, Payment Card and Third Party Network Transactions, is used by credit card companies and third-party processors, like PayPal and Amazon, to report the payment transactions they process for retailers. It reports the gross amount of the transactions, but doesn't include any adjustments for credits, refunds, discounts, fees, etc.
The
good thing about filing Schedule C is the ability to apply
any expenses you incurred while performing those services