LenaH
Employee Tax Expert

Deductions & credits

If you reported duplicate income in 2020, then you will need to amend your return. To do so, please follow the instructions here

 

Then, you will need to determine if you are self-employed and the income should be on a Schedule C or if the income was sporadic or from a hobby and the income should be reported as Other Income. Please review this IRS fact sheet to help you evaluate your situation: Business or Hobby?

 

For tax purposes, self-employment income includes any part-time businesses or "side work" performed in which you are in business for yourself, rather than another person. You are also considered self-employed if you engage in business-like activities where you intend to make a profit. The IRS has guidelines for what is a business and what is considered a hobby. In addition, any losses incurred each year will be treated differently depending on what this income is classified as. If an activity is a hobby, losses from that activity may not be used to offset your other income. 

 

To delete one of your 1099-NEC's, please follow the instructions below:

  1. Open your return.
  2. Search 1099-NEC with the magnifying glass tool on the top of the page.
  3. Go to the Jump to 1099-NEC link in the search results. 
  4. Use the trash can tool to delete one of your 1099-NEC's on the 1099-NEC Summary page.

For the remaining 1099-NEC, please follow the instructions below:

  1. Click Edit next to your 1099-NEC.
  2. Continue past the information entered.
  3. For the screen Does one of these uncommon situations apply? answer This is not money earned as an employee or self-employed individual, it is from a sporadic activity or hobby (this is not common) if your income should flow to Other Income or answer None of these apply to me if you have determined this to be self-employment income

If you determine your 1099-NEC to be sporadic/hobby income and not be self-employment income, then please delete the Schedule C. 

 

To delete your Schedule C, please follow the instructions below:

  1. Open your return.
  2. Search schedule c with the magnifying glass tool on the top of the page.
  3. Go to the Jump to schedule c link in the search results. 
  4. Use the trash can tool to delete your Schedule C. 
  5. Click on Tax Tools.
  6. Click on Tools.
  7. Click on Delete a Form.
  8. Scroll down and click Delete next to your Schedule C. 

@Teresa532

 

 

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