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Retirement tax questions
TurboTax automatically generates the Schedule C, Profit or Loss From Income form once you set up the business.
To set up your business:
- Open or continue your return.
- Search for schedule c and select the Jump to link in the search results.
- Answer Yes to Did you have any self-employment income or expenses? and follow the instructions.
- If you've already entered self-employment work and need to enter more, select Add another line of work.
If you need Schedule C to report a 1099-MISC, search for 1099-misc and select the Jump to link. Answer Yes to Did you get a 1099-MISC? and follow these directions. We'll ask questions to find out if the income needs to go on Schedule C or C-EZ and add the right schedule to your return (if needed).
- If your return only requires Schedule C-EZ, we'll generate Schedule C for calculation purposes. It won't be filed with your return.
For the payroll screens to generate in TurboTax:
- Type Sch c in the search bar and click on the Jump to Sch c in the results box.
- On the next screen, Start/Review your business.
- On the Here's your XXX info screen, click on Edit next to General info.
- On the Let's review your Graphic design info screen, scroll down to Payments and identification. Edit the Paid W-2 employees.
- On the Did you pay any employees in 2019? screen, select Yes, I paid W-2 employees.
- Continue with the onscreen interview until complete.
To enter vehicle mileage:
- Type Sch c in the search bar and click on the Jump to Sch c in the results box.
- On the Your 2019 XXX work summary screen, Review your business.
- On the Here's your XXX info screen, scroll down to EXPENSES, Vehicle and Start/Edit.
- Continue with the onscreen interview entering your vehicle information.
To enter rent and other common business expenses:
- Type Sch c in the search bar and click on the Jump to Sch c in the results box.
- On the Your 2019 XXX work summary screen, Review your business.
- On the Here's your XXX info screen, scroll down to the expense or Add expenses for this work.
- Enter your expenses and continue with the onscreen interview until complete.
Source: TurboTax FAQ
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March 20, 2020
9:02 AM