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Get your taxes done using TurboTax
Thanks Gisele!
Yes, we saw TomK's article. TT menu is slightly different at least the one we are running (Premier 2019). Under Federal Taxes -> Wages & Income there is no "Self Employment". There is a section called "Business Items (Business income and expenses, K-1s, farm income)". The first topic there is Business Income and Expenses (Sch C), which I think is what TomK has referenced for the 2018 return.
The challenge is that if one does go there, there is a lot of information that is expected to be entered about the business (business name, business address, EID (albeit if exists), services/products type (albeit MISC code could be used)). Business expenses have to be classified as well.
I can see this would cancel out the tax but not sure this is really an intended path for such a scenario? Why does not TurboTax qualify this income reported on 1099-MISC as "earned income" when figuring out the standard deduction for dependents? It appears wrong.
thanks,
M