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You'll need to report income on form 1099-MISC as self-employment income.
Social Security and Medicare tax for a self-employed person is known as self-employment tax which will be calculated by TurboTax and added to the amount of tax due. If you did not pay estimated taxes, you'll have to pay a small penalty for underpayment of estimated taxes.
To report this income in TurboTax, open your tax return and follow these steps:
You'll need to upgrade to TurboTax Deluxe to report this income. If you have expenses to claim against this income, you'll need to upgrade to TurboTax Self-Employed.
You'll need to report income on form 1099-MISC as self-employment income.
Social Security and Medicare tax for a self-employed person is known as self-employment tax which will be calculated by TurboTax and added to the amount of tax due. If you did not pay estimated taxes, you'll have to pay a small penalty for underpayment of estimated taxes.
To report this income in TurboTax, open your tax return and follow these steps:
You'll need to upgrade to TurboTax Deluxe to report this income. If you have expenses to claim against this income, you'll need to upgrade to TurboTax Self-Employed.
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