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Combining w-2 and 1099's
Can I combine my w-2's and 1099's that I have received for the same business on Turbo tax? I am a statutory employee (Financial Advisor/Insurance Agent) and in the past Turbo tax has forced me to set up 2 businesses - one for the w-2 income and one for the 1099. This is a real pain, especially when it comes to pro-rating my expenses to each business, when it really is one business.
thanks,
Bill
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Business & farm
I am sorry, you will need to enter your W-2 data separately from your 1099's. When you receive a W-2, you are treated as an employee. When you receive a 1099, you are treated as if you are self-employed.
Additionally, the IRS uses these W-2's and 1099's to match up data reported to them, if you combine this data, it may delay your refund, or your return will be rejected if Electronically filed.
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Business & farm
Regina,
Remember that I am a "statutory employee" (Insurance agent) and we are a special category. It appears that Turbotax is asking me if I have any 1099's to report in addition to the W-2 info that I am entering for one business. So, it seems like it will allow me put my 1099 income in addition to my W-2 income for the same business. Turbotax has never allowed me to do this in the past and I don't want to waste a lot of time putting all my W-2 and 1099 income along with all my expenses in one business only to learn at the end that it won't work and I'll have to split up my income for this one business into W-2 and 1099 income and also prorate my expenses. I just want to confirm with you that I CANNOT combine my W-2 income and 1099 income in the same business, even though they are from the same business and I am statutory employee.
Thanks,
Bill
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See Regina's correction above. @wfraz
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