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Level 2

Why do I need to file a 1040 when I don't own a business?

I have done my research and from all I've read I don't need to file a 1040 if I don't own a business. This is the first time having an issue with using Turbo Tax. I also contacted the IRS since it says it's because of them that I have to file a 1040 and they said I don't have to. Now with this said I should be able to do my taxes here on Turbo Tax. Can anyone answer my question on why this keeps coming up?

1 Comment
Employee Tax Expert

Why do I need to file a 1040 when I don't own a business?

This year, with the new Tax Reform legislation, the tax forms have been revised and the only form that is used is the revised Form 1040.  There is no longer a Form 1040EZ nor a Form 1040A.  If you have a business (and you say you don't) you would also file a Schedule C for that business. 


That said, if you earn income in which you receive a Form 1099-MISC, with an amount in Box 7 Nonemployee Compensation, you are considered to be self-employed (owning a business) and must also file Schedule C.  If you don't have a Form 1099-MISC, then you will not see Schedule C on your tax return, but will still file a Form 1040.