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Get your taxes done using TurboTax
the 1099 miscellaneous income i reported on turbo tax is a commission from an old policy written years ago,
That alone makes it self-employment income reported on SCH C. In addition to "regular" income tax on that income, you'll also pay an additional 15.3% self-employment tax *IF* the amount of SE income received for the entire tax year is more than $400. But regardless of the amount, it's reported on SCH C.
Assuming you were not self-employed in 2018, when working through the Business Income & Expenses section make *SURE* you specify that the business opened ***AND*** closed in the same tax year. Not doing so has the potential to create issues with the IRS in later years.
‎October 27, 2019
3:50 PM