What does a 1099-NEC form mean? A 1099-NEC form reports non-employee compensation, which you may have previously gotten on a 1099-MISC. So, if you worked as a freelancer or contractor last year you probably got a 1099-NEC form reporting how much money an employer paid you.

Here’s all about the meaning of 1099-NEC forms from TurboTax:

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1099-NEC Form Meaning?

The thing with being self-employed is that taxes aren’t withheld from your paycheck, so now that you’re filing your tax return you’ll have to pay the social security and Medicare taxes on that income.

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1099-NEC? You Probably Owe the IRS Money

Doh! Well, as they say, I guess the only certainties in life are death and taxes!

If you got a 1099-NEC form it means that the government is cordially inviting you to pay the money you owe them.

It’s kind of like getting a letter from Publisher’s Clearing House except instead of winning money you owe it. (But not millions, hopefully!)

Anyway, if you are self-employed, there’s a good article here about how much TurboTax Self-Employed Edition costs and how to get a discount.