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.
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%.
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/00/26653