39293
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

tara1412
New Member

Tax Year Prior to 2020: Do I have to use schedule C to report a 1099 MISC even though my business isn't incorporated?

I have a 1099 misc from being an independent consultant. I have expenses to go along with that so do I have to use schedule C even though my business isn't incorporated?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Tax Year Prior to 2020: Do I have to use schedule C to report a 1099 MISC even though my business isn't incorporated?

Yes, that is exactly the form to file if your business is not incorporated.  You will file a schedule C as a sole proprietor for the business.  The Schedule C will flow onto your individual income tax return (Form 1040) and be included with other personal income and expenses.

You will use either Turbo Tax Self Employed (online) or Turbo Tax Home and Business (desktop software) to complete your return

To enter your business information:

•Select the Business Tab
•Select Continue on the Let’s Find Some Business Expenses screen.
•Select Walk me through everything

First, start with the Business Profile.

When you set up your business, you can use your own name, address, and social security number (if you don't have a business name or EIN).

Then, when done with the Business Profile, go to Business Income and Expenses.The 1099 MISC will be entered in Business Income. You can also enter your expenses including Cost of Goods and any other business expenses. 

Follow through all the areas in the Business section of the TurboTax software and it will provide you with a lot of assistance. You'll notice blue links that have more information and details about the particular sections that will be extremely helpful. 

Also, this link may be helpful to you IRS Small Business Help Center .

https://www.irs.gov/businesses/small-businesses-self-employed
 

 

Tax Year Prior to 2020: Do I have to use schedule C to report a 1099 MISC even though my business isn't incorporated?

Yes, you must use schedule C to report your income and expenses.  You also have to pay self employment taxes.  And if you make a good amount of money, you should pay quarterly taxes on estimated income.  TT does all the calculations.  So that should not be a problem.  Refer to below link for all the details.

Refer to  https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question