Income earned as independent contractor, received 1099-NEC

Sdhays309 · ‎April 16, 2024

I worked at an office for three months as an independent contractor, providing executive administrative support. I retired shortly thereafter and have not worked since nor plan on working again. I received an 1099-NEC. I know I have to report this income and pay taxes on this income, but do I have to declare it as a business? This was a one time occurrence. What forms do I need to submit and how do I declare this information?

Thank you.

Vanessa A · ‎April 16, 2024

Yes. If you were an independent contractor, you were self-employed which counts as a business.

This income will be reported on Schedule C which is part of your overall tax return. This also means you will be subject to SE taxes of 15.3%.

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VolvoGirl · ‎April 16, 2024

You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or use any of the Desktop CD/Download programs.

You can buy the Desktop CD or the Download program here,
https://turbotax.intuit.com/personal-taxes/cd-download

How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...