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Can I report income previously reported on Schedule C as “other income” (occasional income)?

Since 2018 I have been reporting direct sales income on Schedule C. I intended to pursue this activity to earn a profit. However, things didn't go as expected and finally in 2021 decided not to pursue this activity as a business. I received a commission of $120. Can I stop filing Schedule C and report the $120 commission as "other income" (occasional income)?

 

Note: My husband and I file jointly (MFJ). He is self-employed and he reports his business income on Schedule. C.

 

Thanks.

 

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2 Best answer

Accepted Solutions
LeonardS
Expert Alumni

Can I report income previously reported on Schedule C as “other income” (occasional income)?

No, if the commission was reported on a 1099-NEC or 1099-MISC you need to file a Schedule C.  To report it as other income when it is directly related to a business activity would not be correct.  If this is your only income to report it is well below the $400 threshold for self-employment tax.  Also as your husband files a Schedule C, you do not have to upgrade to a higher level of TurboTax to file your Schedule C.

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View solution in original post

Can I report income previously reported on Schedule C as “other income” (occasional income)?

Thank you for your prompt response!

View solution in original post

2 Replies
LeonardS
Expert Alumni

Can I report income previously reported on Schedule C as “other income” (occasional income)?

No, if the commission was reported on a 1099-NEC or 1099-MISC you need to file a Schedule C.  To report it as other income when it is directly related to a business activity would not be correct.  If this is your only income to report it is well below the $400 threshold for self-employment tax.  Also as your husband files a Schedule C, you do not have to upgrade to a higher level of TurboTax to file your Schedule C.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Can I report income previously reported on Schedule C as “other income” (occasional income)?

Thank you for your prompt response!

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