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If you are new to being self employed, are not incorporated or in a partnership and are acting as your own bookkeeper and tax preparer you need to get educated ....
If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-NEC for some of your income but you need to report all your income. So you need to keep your own good records. Here is some reading material……
IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center
Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf
Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf
Publication 463 Travel, Gift, and Car Expenses
Https://www.irs.gov/pub/irs-pdf/p463.pdf
Home Office Expenses … Business Use of the Home
https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
https://www.irs.gov/pub/irs-pdf/p587.pdf
Publication 946 … Depreciation
https://www.irs.gov/pub/irs-pdf/p946.pdf
There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Self Employed return and will help you keep up in your bookkeeping all year along with calculating the estimated payments needed ....
http://quickbooks.intuit.com/self-employed
I am self employed. I did some day labor and received a 1099-NEC, which was my only income aside from the job which I received a W2 for.
You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or use any of the Desktop CD/Download programs.
How to enter income from Self Employment
You will fill out Schedule C for it. You use your own name, address and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is At Risk.
Nothing in the schedule C form seemed to apply to me. I have no inventory or over head costs. I simply did some independent contractor work. My vehicle wasn't involved and I do not have an office space or any advertising fees. Do I fill everything out everything with zeros on the schedule C? Then, do I need to select cash and everything at risk? How do I attach the schedule C to my e-return? I have only paid for the basic service which allows me to fill out a 1099-NEC. It doesn't appear that I will be able to to attach the Schedule C. I also can't print anything to file by mail.
You need to fill out Schedule C for your 1099NEC self employment income. Even if you do not have any expenses. Do not enter zeros. Just enter the income. Schedule C is automatically included in your tax return. Everything you enter into Turbo Tax goes on your tax return.
You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or use any of the Desktop CD/Download programs.
How to enter income from Self Employment
You need to report your 1099NEC on Schedule C to count as earned income for credits and to pay your Social Security and Medicare tax like you normally pay as a W2 employee.
Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.
The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 2 line 4 which goes to 1040 line 23. The SE tax is in addition to your regular income tax on the net profit.
Have you already filed your return and need to add Schedule C to it now? I don't quite understand your questions. Do you want to efile or mail your return?
How to Efile
How to mail a return from the Online version
Be sure to attach copies of your W2s and any 1099s that have withholding on them. You have to mail federal and state in separate envelopes because they go to different places. Get a tracking number from the post office when you mail them for proof of filing.
Which version of the online turbo tax do I need to attach a Schedule C and e-file?
You can use any version of the downloaded version but if you use the ONLINE version you will need the Self Employed one.
I paid for the version that allows me to add a 1099-NEC. Is this not the correct version?
What version do you have? Are you using the Online version or the CD/Download Desktop program?
You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or use any of the Desktop CD/Download programs.
How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...
Oh, I see I already posted that before.
I have the deluxe version online. I had added a 1099-NEC, I have no expenses, and I have no state taxes (TX). When I originally tried to efile, I received an error message about needing to include a Schedule C. I do not see anyway of adding a Schedule C or filling one through turbo tax online.
I have upgraded to the self employed version. Going through the guided filing process still leads me to the same issues as before. I do not have any expenses or overhead. If I go through every type of expense and select none, it says the field is incomplete.
The self employed version wont let me complete the 1099-NEC field without entering expenses. Even if I go through each option and select none, it says it is incomplete.
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