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Beginning Jan 1 2019, I effectively dissolved my self-employment 1099 contract work, can I delete it from the income section? what do I do about expenses from 2018?

I am getting a warning that deleting my 1099 section that all the business expenses and deductions from 2018 will still be carried over to this deduction. But I am not claiming any deductions from the 1099 section since I didn't perform any contract work.
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1 Reply
KristinaK
Employee Tax Expert

Beginning Jan 1 2019, I effectively dissolved my self-employment 1099 contract work, can I delete it from the income section? what do I do about expenses from 2018?

Since the business technically existed in 2019, you don't want to just delete the Schedule C yet. The right way to do it is to indicate that "I stopped [name] in 20xx". Then make sure that you "dispose of" any assets you have listed on the return. You can do it by clicking on Assets under your business activity info. 

 

And next year, you can delete the business. Here is some more information about it.

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