Hi,
Last April 2019 I retired. In July 2019, I went back to work with my former employer as an independent contractor. They provided me a 1099-MISC, which I reported on my tax return. Am I required to complete a Schedule C?
Thanking you in advance.
Best regards
Mike
Yes. That is self employment income. You can deduct your expenses on Schedule C too.
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.
How to enter income from Self Employment
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 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.