I started a small business in late 2017, to supplement my income from my regular job. In 2018 I had a merge income from my business - less than $100. In my regular job I was paid tens of thousands of dollars and I got a W-2 form.
I've bought TurboTax Home & Business 2018, because I thought I was supposed to. I've been going through the TurboTax interview process and gotten to the point where it's asking me if I'm self-employed. Believe me, I am very confused by this right now. Overwhelmingly, my income was from my regular, day job for which I got a W-2. So, from my point of view I don't believe I am self-employed. I work for someone else (my regular, W-2 issuing day job) and what I earned through my small business was so small I really can't see how I could call myself self-employed.
But what I don't know is what the definition of "self-employed" is! What constitutes self-employment?
Assuming for the moment that I'm not, properly self-employed, then should I go and purchase TurboTax Premium 2018 and start over again? Or will TurboTax Home & Business 2018 still work for me? Or does TurboTax Home & Business 2018 assume that I am self-employed and will only treat me as though I'm self-employed?
Yes, Home & Business will still work for you. It is like Premier with the added self-employment section. You can still enter W2s in the Self-employed. You can ignore the self-employed section.
If you have other questions about this, ask in the comment section below.
As to who is considered Self-employed, read this FAQ:
In the business activities that the FAQ discusses I do intend to make a profit (although its very small). But I don't have regular transactions. In fact, I only had 1 payment to me last year. I did make some effort (not much at all) at trying to get more work, but it really wasn't much. It comprised of discussing the possibility of doing work for one person, at one time; and that was it for the whole year.
So, I'm still confused as to whether or not I'm self-employed or not. What happens if I tell TurboTax that I am self-employed; will it ask me questions in an effort to see if I am self-employed and then tell me that I'm not, if it determines I'm not? Or does it just take my word for it and go on from there?