HelenC12
Expert Alumni

Retirement tax questions

@victory1946

 

TurboTax automatically generates the Schedule C, Profit or Loss From Income form once you set up the business. 

 

To set up your business:

  1. Open or continue your return.
  2. Search for schedule c and select the Jump to link in the search results.
  3. Answer Yes to Did you have any self-employment income or expenses? and follow the instructions.
    1. 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:

  1. Type Sch c in the search bar and click on the Jump to Sch c in the results box.
  2. On the next screen, Start/Review your business.
  3. On the Here's your XXX info screen, click on Edit next to General info.
  4. On the Let's review your Graphic design info screen, scroll down to Payments and identification. Edit the Paid W-2 employees
  5. On the Did you pay any employees in 2019? screen, select Yes, I paid W-2 employees.
  6. Continue with the onscreen interview until complete.

 

To enter vehicle mileage:

  1. Type Sch c in the search bar and click on the Jump to Sch c in the results box.
  2. On the Your 2019 XXX work summary screen, Review your business.
  3. On the Here's your XXX info screen, scroll down to EXPENSES, Vehicle and Start/Edit.
  4. Continue with the onscreen interview entering your vehicle information.

To enter rent and other common business expenses:

  1. Type Sch c in the search bar and click on the Jump to Sch c in the results box.
  2. On the Your 2019 XXX work summary screen, Review your business.
  3. On the Here's your XXX info screen, scroll down to the expense or Add expenses for this work.
  4. Enter your expenses and continue with the onscreen interview until complete.

Source: TurboTax FAQ

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