Help! How do I report my 1099 MISC income?!?
If the income is more than $400 you will have to file as self-employed. If it is less this will just be entered as Other income on line 21. So if you are self-employed you will file a Sch. C to report the income and deduct any expenses you have toward this employment. Then if the net income is at least $400 you will have to file a Sch. SE, to pay your social security and medicare on the net income. You will receive an adjustment to income of 1/2 of the SE tax. Then you will also pay federal income tax and possibly state income tax on this income. So the way you are doing this online is correct or if you do it on your own you will have to file these 2 schedules. Laura H – H&R Block – Senior Tax Advisor 5 **This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.
