You'll need to sign in or create an account to connect with an expert.
If this is business income that is still coming in, even though you may have closed down the visible aspects of the business, the character of the income is unchanged. The income should be reported on Schedule C. If you have associated expenses, they can be deducted. If the net self-employment income is $400 or more, you will need to file Schedule SE and pay self-employment (FICA) tax.
If this is business income that is still coming in, even though you may have closed down the visible aspects of the business, the character of the income is unchanged. The income should be reported on Schedule C. If you have associated expenses, they can be deducted. If the net self-employment income is $400 or more, you will need to file Schedule SE and pay self-employment (FICA) tax.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
19bc4a120b1b
New Member
focus123
Level 2
Sunny-641
New Member
fucndfsdsfddfdf
Returning Member
mitchden1
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.