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Is it correct that Turbo Tax classified my 1099-Misc non-employment compensation even though I do not have a business? Am I considered a material participant?

Forum|Forum|7 years ago
June 3, 2019
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TurboTax Deluxe Windows

Best answer by MinhT1

If you receive a form 1099-MISC with box 7 filled, you are considered self-employed. You do not have to own a business in the common meaning of the term. You are in business doing what you did to earn the money reported on the form 1099-MISC. And as you did the actual work, you materially participated in the business.

M

MinhT1Answer

If you receive a form 1099-MISC with box 7 filled, you are considered self-employed. You do not have to own a business in the common meaning of the term. You are in business doing what you did to earn the money reported on the form 1099-MISC. And as you did the actual work, you materially participated in the business.

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