1099-NEC questions

[bsiddiq]

I started a new job last year. I am employed by a business, Business A, that provided me a standard W-2. As part of my employment which started last year, I received a sign-on bonus (provided by a different business, Business B, which I provided services for as a non-employee contractor as part of an agreement with my actual employer aka Business A). They gave me a 1099-NEC form with this amount- which I entered in the 1099-NEC section as additional income. 

My wife also works as a contractor (dental work)- and received a 1099-NEC from the business she works for/provide dental services for. 

Neither one of us have our own business- but when I enter our 1099-NEC as additional income in TurboTax Deluxe, it is requiring me to 'create a business' for both of us to attribute this additional income to, so it asks for a business name, business address, etc. However, we obviously do not have a business, so I am not sure what to put under these, or if I should just leave them blank. When I leave them blank, and TurboTax does a 'smart check' -it finds multiple errors as these sections are blank. I suppose I could put my name as the business name and my home address as the business address- but I am not sure if that is the right approach.

Any help would be appreciated. Thank you.

[birdman61550]

In the past I create a Schedule C with my name as the contractor. you will be responsible for your own Social Security taxes or self employed taxes

[AnnetteB6 · Accepted solution]

Yes, you would enter your own name and address for the business name and address for the Schedule C businesses (one for you and one for your spouse).  When you receive income reported on Form 1099-NEC, you are considered to be an independent contractor providing services for another company through your own self-employed business.  

@bsiddiq