Question 1

Who receives Form 1099-NEC?

Accepted Answer

Independent contractors, freelancers, consultants, and other self-employed individuals who received $600 or more in nonemployee compensation during the tax year.

Question 2

Where do I report 1099-NEC income?

Accepted Answer

Report on Schedule C (Profit or Loss from Business) as self-employment income. This income is subject to both income tax and self-employment tax (Schedule SE).

Question 3

Do I need to pay quarterly estimated taxes?

Accepted Answer

Likely yes. If you expect to owe $1,000 or more in tax, you should make quarterly estimated tax payments using Form 1040-ES to avoid underpayment penalties.

Preguntas Frecuentes