If
your 1099-MISC has an amount in Box 7 (Nonemployee
compensation), the IRS does not consider you an employee. Instead, the IRS is treating you as a self-employed worker/business owner, also called an independent contractor.
If
your Form 1099-MISC shows an amount in Box 7 for nonemployee compensation and
it’s because you did consulting work or other services for someone, based on IRS regulation, you DO now "have
a business!" You’re in the business of consulting, and you have to
file Schedule C to report that 1099-MISC income. The Schedule C is
located in TurboTax Self-Employed version. This is a requirement, not an option!
Note: As an independent contractor, without a specific
name for your independent business, your own name is the business
name and the business address is your home address unless you have an
office of your own at a different location.
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