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What plan should I get if I have both w2 and 1099 income? I sell insurance on the side as a sole individual (no business name or business tax id)

 
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rjs
Level 15
Level 15

What plan should I get if I have both w2 and 1099 income? I sell insurance on the side as a sole individual (no business name or business tax id)

That 1099-MISC side income is business income, even if you don't have a business name or EIN. Your business is a sole proprietorship, and you have to report it as business income. If you use TurboTax Online you have to use the TurboTax Self-Employed edition. If you use the CD or download TurboTax software you can use any edition, but Home & Business will give you a more detailed interview and extra help for reporting your business income and expenses.

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3 Replies
rjs
Level 15
Level 15

What plan should I get if I have both w2 and 1099 income? I sell insurance on the side as a sole individual (no business name or business tax id)

That 1099-MISC side income is business income, even if you don't have a business name or EIN. Your business is a sole proprietorship, and you have to report it as business income. If you use TurboTax Online you have to use the TurboTax Self-Employed edition. If you use the CD or download TurboTax software you can use any edition, but Home & Business will give you a more detailed interview and extra help for reporting your business income and expenses.

What plan should I get if I have both w2 and 1099 income? I sell insurance on the side as a sole individual (no business name or business tax id)

so I can enter my w2 income and 1099 income together on the self employed edition?
rjs
Level 15
Level 15

What plan should I get if I have both w2 and 1099 income? I sell insurance on the side as a sole individual (no business name or business tax id)

Yes. You have to report all your income on one tax return. TurboTax Self-Employed will handle everything.

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