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I don't really have a business anymore. Can I put the 1099s under personal?

I have it all entered under "business" but it's really just personal income.
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Accepted Solutions
MichaelMc
New Member

I don't really have a business anymore. Can I put the 1099s under personal?

If this is business income that is still coming in, even though you may have closed down the visible aspects of the business, the character of the income is unchanged. The income should be reported on Schedule C. If you have associated expenses, they can be deducted. If the net self-employment income is $400 or more, you will need to file Schedule SE and pay self-employment (FICA) tax.

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MichaelMc
New Member

I don't really have a business anymore. Can I put the 1099s under personal?

If this is business income that is still coming in, even though you may have closed down the visible aspects of the business, the character of the income is unchanged. The income should be reported on Schedule C. If you have associated expenses, they can be deducted. If the net self-employment income is $400 or more, you will need to file Schedule SE and pay self-employment (FICA) tax.

I don't really have a business anymore. Can I put the 1099s under personal?

Thank you!
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