Freelancers who earned more than $600 from a client over the course of the year will receive a 1099-MISC detailing the exact income amount. You don’t actually file a 1099-MISC, since it serves a similar purpose as a W2; it provides information you’ll need to fill out your tax return.
The information on your 1099-MISC will usually go on a Schedule C – Profit or Loss From Business, which documents all your income, profit and loss from self-employment.
You’ll also file Schedule SE, Self-Employment Tax, to pay your Social Security and Medicare taxes. When you file your taxes with 1040.com, we’ll help you complete all the necessary forms to report your freelance income.