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You would be better off in claiming the income as self employment income, as you can then deduct every expense associated with your work for your friend. In fact you could deduct travel expenses, part of your cell phone bills, insurance etc. for the time you were working for your friend.
If there are no related business expense related to this 1099-Misc Income, than you have to report this amount on 1040 page 1, under Other miscellaneous income subject to S/E taxes. Here you are out of luck and will have to pay the 15.3% S/E tax and have the income all be subjected to your regular tax.(marginal tax)
I would report this 1099-Misc income on your schedule C listing the activity along with all the reasonable business expenses.
if i have little to no business expenses, and decide to report this as additional income instead of SE will I be at risk for an audit?
It would be better to be added on s/e however adding it as additional income will in rare cases trigger an audit but if the amount is less than $10,000 I would not worry.