HelenaC
New Member

Get your taxes done using TurboTax

Even  if you do not get a 1099-MISC form, the IRS says all income is taxable and you have to claim it on your income tax return.

 The IRS considers you self-employed and have your own business if: 

  1. You earn money as a contractor, consultant, freelancer, or other independent worker.
  2. You income is reported on 1099-MISC (Box 7), 1099-K (Box 1a), or you receive cash, check or credit card sales transactions, instead of a W-2.

When you have self-employment income, the IRS: 

  • Requires you to complete Schedule C, Profit or Loss From Business.
  • You can deduct expenses related to the income.
  • Requires you to pay self-employment (social security and Medicare).

 

If your self-employment income  was from cash or personal checks or credit card payments:

  • Log on to TurboTax and click on the orange button, Take me to my return.
  • Type “Sch C” in the Search box.
  • Click on “Jump to” link. 
  • This will take you to where you can enter any cash, personal checks or credit card payments (Form 1099-K) related to your self-employment.
  • You may be asked some general questions about your business. 
  •  After you answer them, you’ll be taken to the Your XXX Business screen where you can enter this income as Additional Income under Business Income.
  • You would also access the Business Expenses entry screens on the Your XXX Business screen.

  

If you received a 1099-MISC for your self-employed income: 

  • Log on to TurboTax and click on the orange button, Take me to my return.
  • Type “1099-misc” in the Search box.
  • Click on “Jump to” link.
  • This will take you directly to the section where you can enter your 1099-MISC.
  • You’ll also be able to enter any cash, personal checks or credit card payments (Form 1099-K) related to your self-employment.
  • You would access the Business Expenses entry screens on the Your XXX Business screen. 

Related Information:

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