You'll need to sign in or create an account to connect with an expert.
If
your 1099-MISC has an amount in Box 7 (Nonemployee
compensation), the IRS does not consider you an employee. Instead, the IRS is treating you as a self-employed worker/business owner, also called an independent contractor.
If
your Form 1099-MISC shows an amount in Box 7 for nonemployee 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!
Note: As an independent contractor, without a specific
name for your independent business, your own name is the business
name and the business address is your home address unless you have an
office of your own at a different location.
If
your 1099-MISC has an amount in Box 7 (Nonemployee
compensation), the IRS does not consider you an employee. Instead, the IRS is treating you as a self-employed worker/business owner, also called an independent contractor.
If
your Form 1099-MISC shows an amount in Box 7 for nonemployee 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!
Note: As an independent contractor, without a specific
name for your independent business, your own name is the business
name and the business address is your home address unless you have an
office of your own at a different location.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
kare2k13
Level 3
mustang-deck
New Member
KPD77
Returning Member
peytonagodfrey
New Member
chiwhitesoxfan
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.