TurboTax HelpTurboTax HelpIntuit

What's the difference between self-employment income and other income?

SOLVEDby TurboTax1094Updated January 27, 2022

There are some major differences between them.

Self-employment income

  • Money you earn as a contractor, consultant, freelancer, or other independent worker
  • It's reported on 1099-NEC (Box 1), 1099-K (Box 1a), or as cash, check or credit card sales transactions
  • Requires you to complete Schedule C
  • You can deduct expense related to the income
  • Requires you to pay self-employment tax

Other income

  • It's money you received from something like a prize, award, lawsuit settlement, etc.
  • It's most often on a 1099-MISC (Box 3)
  • You report it on Line 8 of Schedule 1 of the Form 1040

Was this helpful?

You must sign in to vote, reply, or post
TurboTax Desktop BasicTurboTax Desktop BusinessTurboTax Desktop DeluxeTurboTax Desktop Home and BusinessTurboTax Desktop PremierTurboTax Live BasicTurboTax Live DeluxeTurboTax Live Full Service BasicTurboTax Live Full Service Complex IncomeTurboTax Live Full Service Complex Self-EmployedTurboTax Live Full Service DeluxeTurboTax Live Full Service PremierTurboTax Live Full Service Self-employedTurboTax Live PremierTurboTax Live Self-employedTurboTax Mobile Apps DeluxeTurboTax Mobile Apps FreeTurboTax Mobile Apps PremierTurboTax Mobile Apps Self-employedTurboTax Online DeluxeTurboTax Online FreeTurboTax Online PremierTurboTax Online Self-employed
Dynamic AdsDynamic Ads