Where do I enter Schedule C?
We'll
automatically create and fill out Schedule C or C-EZ when you set up your
business in TurboTax, or when you enter what the IRS considers self-employment
income (often reported on a 1099-MISC).
Schedules
C and C-EZ are supported in TurboTax Self-Employed (online and mobile app) and
in all personal 1040 versions of the TurboTax CD/Download software.
To
set up your business:
1. Log in and then select the "Take me to my
return" button.
2. Search for schedule c and select the
"Jump to" link in the search results. (If you don't see the
link, go back to the "Tax Home" screen and make sure you've selected
"take me to my return.")
3. Answer Yes to Did
you have any self-employment income or expenses? or Did
you have any income and expenses for a business in 2017? and
follow the onscreen instructions.
Or,
if you need the Schedule C to report a 1099-MISC, search for 1099misc,
then select the "Jump to" link. Answer Yes to Did
you get a 1099-MISC? and follow the directions. We'll ask
questions to find out if the income needs to go on Schedule C or C-EZ--if it
does, we'll add the schedule to your return.
Note: On returns that only require Schedule C-EZ,
we'll also generate Schedule C, but this is only used for calculation purposes
and isn't filed with the return.
Related
Information:
·
Which TurboTax Online version do I need for a Schedule
C?
·
How does Schedule C-EZ differ from Schedule C?
·
How do I delete a prior-year Schedule C business that
transferred over?
·
Why can't I create a Schedule C in TurboTax Business?
How do I report income from
self-employment?
If
you received a 1099-MISC for your self-employed income
Type 1099-misc in
the Search box and then select the Jump to link. This will
take you directly to the section where you can enter your 1099-MISC. You’ll
also be able to enter any cash, personal checks, credit card payments, or
cryptocurrency (Form 1099-K) related to your self-employment.
If
your self-employment income was only from cash, personal checks, credit card
payments, or cryptocurrency
Type Schedule
C in the Search box and then select the Jump
to link. This will take you to where you can enter any
cash, personal checks, credit card payments, or cryptocurrency (Form
1099-K) related to your self-employment. You may first be asked some general
questions about your business. After you answer them, you’ll be taken to
the Let's get income for (your line of work) screen
where you can enter this income as Additional Income.
Related
Information:
·
What's the difference between self-employment income
and other income?
·
Where do I enter a 1099-MISC?
·
Why am I paying self-employment tax?
·
How is cryptocurrency like
Bitcoin taxed?
How do I enter a 1099-K in TurboTax
Online?
You’ll
enter the income reported on your Form 1099-K as 'Additional income' along with
any cash or checks you received as self-employment income.
Here's
how to enter your 1099-K:
1. Open your return.
(To do this, log in to TurboTax and select the blue Take
me to my return button.)
2. Do a search for "Schedule C" and then select
"Jump to" link in the search results.
3. Next:
o If entering info about your business for the first
time:
You'll be asked some general
questions about your business. After you answer them, you’ll be taken to
the Let's get income for (your type of business) screen
where you can enter your 1099-K under Additional Income.
o If returning to this section:
Select Edit next to your
business, answer any other screens, and you'll come to the Let's
get income for (your type of business) screen, where you can enter your
1099-K under Additional income.
If
you are entering income from a 1099-K, remember that it reports the gross amount of the transactions. It doesn't include any adjustments
for credits, refunds, discounts, fees, etc. You’ll have a chance to enter
any business expenses like fees and all other expenses in another part of your
return.
Related
Information:
·
Where do I enter income and expenses from a rental
property?
·
Why is my Uber 1099-K different from what I actually
got paid?
·
What do I need from Uber to file my taxes?
