- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If I receive income from insurance commissions from past employment, but no longer work in insurance sales (Yes, I received a 1099-MISC), do I also need Schedule C?
Topics:
June 1, 2019
10:05 AM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Yes, since this 1099-MISC was from earned income, you will have to complete a Schedule C (Business) as if you were a sole proprietor. The purpose of this is not only to determine your federal income tax due, but also to determine your self-employment taxes (which are the Social Security and Medicare taxes that you see on your W-2). These will be found on Schedule SE, which is derived from the net profit on Schedule C.
June 6, 2019
2:10 AM