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I'm trying to use TT to calculate estimated business taxes, but when I try to jump to Schedule C it is asking for 1099s that don't have yet - what do I need to do?

 
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3 Replies
KurtL1
Expert Alumni

I'm trying to use TT to calculate estimated business taxes, but when I try to jump to Schedule C it is asking for 1099s that don't have yet - what do I need to do?

If you need to enter your total income to estimate your business taxes but you have not received all your 1099-Misc you can enter the income you are missing in the selection Other self-employed income. Includes 1099-K, cash, and checks. This amount would be the difference between your records of income and the actual 1099-Misc. forms that you have received. Enter your total estimated amount of income in this section. 

 

When you receive the 1099-Misc. forms you would then would delete the estimated amounts in the Other self-employment income section.

 

 

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I'm trying to use TT to calculate estimated business taxes, but when I try to jump to Schedule C it is asking for 1099s that don't have yet - what do I need to do?

FYI ... entering in the 1099 forms in the TT program is OPTIONAL ... the IRS only wants your total income amount which you can simply enter in the next section in general income.  If you have been keeping accurate records of your income you don't need those forms at all ....  the 1099 forms are only for confirmation purposes of your income records.   And you have to include all your income even if you never get a 1099 showing it. 

I'm trying to use TT to calculate estimated business taxes, but when I try to jump to Schedule C it is asking for 1099s that don't have yet - what do I need to do?

Are you trying to calculate the 4th Quarter Estimated payment due Jan 15?  You need to use the 2018 program for that.  Or fill out your 2019 return as much as you can and make a payment based on the tax due.  

 

Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

Or you can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2019 Estimate

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