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jaflores
New Member

I reported a 1099 totalling 10,415 but not all the money were profits I did commit expenses for parts and supplies

 
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1 Reply
DawnC
Employee Tax Expert

I reported a 1099 totalling 10,415 but not all the money were profits I did commit expenses for parts and supplies

You enter the 1099-MISC in self-employment income and then report all of your self-employment expenses.  The difference is your profit which is the amount you pay tax on.  Self-employment income and the related expenses are reported on Schedule C.  We'll automatically complete Schedule C or C-EZ when you set up your self-employment work in TurboTax or when you enter what the IRS considers self-employment income (it’s often reported on a 1099-MISC). 

 

To set up your business:

 

  1. Open or continue your return.
  2. Search for schedule c and select the Jump to link in the search results.
  3. Answer Yes to Did you have any self-employment income or expenses? and follow the instructions.

If you need Schedule C to report a 1099-MISC, search for 1099-misc and select the Jump to link. Answer Yes to Did you get a 1099-MISC? and follow these directions. We'll ask questions to find out if the income needs to go on Schedule C or C-EZ and add the right schedule to your return (if needed).

 

Where do I enter my self-employment business expenses?  Enter your part and supply expenses in the self-employment expenses section.  

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