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How do I find the Principal Business Code (when I don't even own a business)?
1099MISC is driving me nuts. I worked for a school district in 2015-16. In 2017 I receive check for an adjustment because they deducted too much from my paycheck and then the 1099MISC with the amount in Box 7. TurboTax tells me I need to upgrade to TT Small Business Ed. Whatever. When I enter the info into TT and complete the forms, during the final review it asks questions regarding a sole proprietorship - specifically asking me for a Principal Business Code. I have no idea what to do here? Any help would be greatly appreciated.
Also - I submitted electronically but need to file an ammended return (I found some docs after I filed and need to send back some money). Will that flag me for automatic audits?
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How do I find the Principal Business Code (when I don't even own a business)?
You'll find a list of IRS business codes here: https://taxmap.irs.gov/taxmap/instr/i1040sc-016.htm
Just pick the code that most closely fits the type of work you did for the school district. The IRS uses these codes for statistical purposes only. The code won't have any effect on your taxes.
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