TT Product for one-time self-employed income

[SarahR]

I have one-time income from a single job I did on the side this year, lasting only 2 weeks. This is not my regular employment, but it is in my regular field of employment. I believe I'll get a 1099-MISC from the organization that contracted me. Is there a way to report this using the TT Deluxe or Premier products, or do I have to purchase the TT Self-Employed?

[Carl]

Generally, (though not always) there's no such thing as "one time self-employment".

For a one time job that was only for two weeks, in order to call it "self-employment" you would basically need to show or have an intent to provide the product or service (service in your case) "on a recurring and continuous basis."  I don't see that here. How you report it so that it's not self-employment income will depend on what box of the 1099-MISC it's reported in. It will be either box 3 or box 7. So once you get the 1099-MISC post back and we'll continue from that point to see if you actually can (and legally can) report it without it being self-employment income. At this point, I think you can.

[SarahR]

Thanks for the reply - I'll hold off getting the TT product until I receive that 1099, and I'll check back in here if I can't tell what to do.

[Carl]

Here's the basic instructions that worked with previous year's version of the program. I've not tested them with TTX 2018, so I do not know for a fact they are correct for the 2018 program.

The only thing I do see (now that I've read it) is that I think we both lose out on this one, because it "DID" involve your intent to earn money.  That would make it self-employment income and if more than $400 you'll pay the additional 15.3% SE tax. Oh well.

Reporting 1099-MISC (box 3 or box 7) that is not self-employment income

Under the Wages & Income tab (or Personal Income tab) scroll down to Other Common Income and elect to start/update Income from form 1099-MISC. Then click YES to indicate you have a 1099-MISC.

Enter the 1099-MISC exactly as printed, and then Continue.

Enter the reason you got this money – be it scholarship, bonus, streaking butt naked across the 50 yard line of the super bowl, whatever. Then continue.

Select None of these apply, then Continue.

Select No, it didn’t involve work….. and Continue.

Select ONLY the tax year for which this specific 1099-MISC was issued. Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Select no other year. Then Continue.

Select No, it didn’t involve an intent to earn money, then Continue.

Select NO, then Continue.

Click the DONE button, and that does it.

[Stinkerbellkity]

You will need to use Self-Employed if the amount exceeded $400.