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income from tutoring for a tutoring academy over $400 but less than $600 so no 1099-NEC

I worked for a tutoring company/academy in 2023, as an independent contractor, earning over $400 but less than $600. So, I believe I need to pay both income tax and social security tax on that income. Since under $600, I did not receive a 1099-NEC. When I start to fill out "Schedule C", in TurboTax Deluxe, in "tell us about your business", it asks me about "ownership" of the "business" - I have to select myself, my spouse, or both of us. Do I select myself (since I was the only one doing the tutoring)? If I select "myself" as "owner", in the next screen, where it asks for "Business Information", do I put in the name of the tutoring company/academy and their address? Or, am I doing this wrong and need to fill out some other form? (I'm guessing the SE form that will take out the Social Security Tax will happen automatically inside TurboTax...)

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1 Reply
TomK2023
Expert Alumni

income from tutoring for a tutoring academy over $400 but less than $600 so no 1099-NEC

Just enter your name as being the owner (myself).  Use your business name; e.g., Bill's Tutoring Service.  Use your address (assuming you did your tutoring out of your residence).

 

And yes, the program will compute your Self-Employment taxes (you'll get a partial credit for some of that SE Tax on another line of your 1040).

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