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1099-MISC with income

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Check the IRS instructions for Schedules C and SE to be sure of the self-employment status. Some taxpayers are considered self-employed without being aware of this. If you need to calculate Social Security and Medicare taxes, you are most likely considered self-employed.

 

You would need to report the income and any related expenses as business income on Schedule C. The net income on Schedule C would be included as income on Form 1040. It would also be used to compute the self-employment tax on Schedule SE. The tax calculated on Sch SE would also transfer to Form 1040.

 

Important: The IRS instructions for 1099-MISC, page 6, read: "Generally

Tags: federal,form