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landscaperdanh
Level 2

1099-K and schedule C

I got a 1099-K from paypal for a side gig. No business name. I filled in the 1099-K info on turbo tax. When I get to the end of my return it tells me all the forms that need to be submitted before I can file. One of them is the schedule C is not ready. How can  that happen if the schedule C is part of my return? Do I have to submit a schedule C somewhere else prior to my return? It's not really a business.

1 Best answer

Accepted Solutions
Bsch4477
Level 15

1099-K and schedule C

Correct. Many forms are not yet available for filing. Be patient. 

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9 Replies
Bsch4477
Level 15

1099-K and schedule C

The IRS considers an activity engaged for profit to be a business.  So you will have to complete Sch C where you can also deduct any expenses related to that income. You will also owe self employment tax if you earned more than $400. 

landscaperdanh
Level 2

1099-K and schedule C

Understand that, but it seems like I can't file my return until I file a schedule C which is part of my return. That's where I'm confused.

Bsch4477
Level 15

1099-K and schedule C

No problem. Just wait until the program is updated to include that Schedule.  The IRS will not process returns until January 27 anyway. 

landscaperdanh
Level 2

1099-K and schedule C

The program needs to be updated? Like turbo tax? I'm sorry I'm just trying to get clarification, so there's nothing I need to do, I just need to wait for turbo tax needs to update?

MarilynG1
Expert Alumni

1099-K and schedule C

Because you received a 1099-K, this is considered a Business and filing a Schedule C is required.  The good news is that you can claim Expenses against the income reported on your 1099-K.

 

Type 'schedule c' in the Search area, then click on 'Jump to schedule c' to make your entries.

 

Click the link for more detailed info on  Reporting Business Income and Expenses.

 

Depending on what type of items you sold, you may want to look at the 'Cost of Goods Sold' section. 

 

 

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Bsch4477
Level 15

1099-K and schedule C

Correct. Many forms are not yet available for filing. Be patient. 

11221936
New Member

1099-K and schedule C

I need a Schedule C.  How do I get it to use with Turbo Tax

11221936
New Member

1099-K and schedule C

I started filling out the information for the form.  I had to quit. I would like to get back where I was.  Did I lose everything?

DMarkM1
Expert Alumni

1099-K and schedule C

TurboTax saves as you go.  To get back to the self-employment area, click "Income & Expenses" at the top of the page and scroll down to "Self-employment Income and Expenses" and click "Edit/add" or "Review" as applicable.

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