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Yes, a form 1099 misc requires you file a Schedule C. You can deduct expenses used in connection with the income you made for the entity who sent you the 1099 misc. You will have to pay Social Security and Medicare tax on the net profit or loss shown on Schedule C, line 31. This will self-calculate on TurboTax.
As stated above, you need to file a Schedule C for any business-related income you have. If you do 'work' for the 1099 issuer, then you are self-employed and for tax purposes and a business owner. When you complete Schedule C, use your personal information - not the Postmates info. The only place you should reference Postmates is on your 1099, nowhere else.
Here are instructions on how to set up your business and report your 1099-MISC income and business expenses in TurboTax. See the related information links at the bottom of this article.
Also, you can check out this video and article that contains some helpful information - Tax Tips for the Self-Employed And if you have questions along this process, please reach out; we would love to help!
The updated video link above ..
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