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If you're paid as a contractor on a 1099-MISC then the IRS views you as having your own business, even though you may not think of it that way. It's not the same as the business that's issuing you the 1099-MISC; it's your own business. So when TurboTax asks you about the owner of the business, it means you.
You'll be setting up this business in TurboTax Self-Employed, and the software will walk you thru the process step by step, asking you various questions and allowing you to enter both your 1099 income as well as any expenses you incurred. One of those questions will be whether the business has a name & address different from your own. You can just answer "no" to that, since the IRS doesn't require any special name or office address.
In the end, TurboTax will prepare a Schedule C which shows your business income and expenses. That schedule will become part of your tax return.
If you're paid as a contractor on a 1099-MISC then the IRS views you as having your own business, even though you may not think of it that way. It's not the same as the business that's issuing you the 1099-MISC; it's your own business. So when TurboTax asks you about the owner of the business, it means you.
You'll be setting up this business in TurboTax Self-Employed, and the software will walk you thru the process step by step, asking you various questions and allowing you to enter both your 1099 income as well as any expenses you incurred. One of those questions will be whether the business has a name & address different from your own. You can just answer "no" to that, since the IRS doesn't require any special name or office address.
In the end, TurboTax will prepare a Schedule C which shows your business income and expenses. That schedule will become part of your tax return.
I was not paid as a contractor. I was on maternity leave from my job at Opendoor Mission. I have Never owned a business. I a employed my ODM here in Rochester, New York. I'm not understanding why I'm being asked to enter information for a business when I've never owned one
what was the 1099 misc for? .that may help us. If you receive a 1099, the information is entered into a tax program as if you owned a business. Disregard the wording from Turbo Tax. You would enter it into the self-employment section and answer the questions the best of ability.
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