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How percentage of my income should I put back if filing married jointly, with four dependents with a 1099?
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June 4, 2019
5:13 PM
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Get your taxes done using TurboTax
You will report your Form 1099-MISC on a Schedule C or C-EZ if box 7 of the form has an amount.
TurboTax will determine the percentage of income that is taxable. You must enter the amount has reported on the Form 1099-MISC, otherwise the Internal Revenue Service will issue an unreported income notice asking you to explain the reason for the discrepancy
The Form 1099-MISC with an amount in box 7 indicates that you are an independent contractor. The good news is that you are able to deduct any business related expenses in Part 11 of the Schedule C to reduce your taxable income.
To begin entering your self-employed income in TurboTax do the following while in your return:
- Type Schedule C in Search
- Click the Jump to schedule c link or Go to Schedule C button
- Navigate through the program to begin entering your income and expenses
You income will appear on line 12 of the Form 1040 Schedule 1.
June 4, 2019
5:13 PM