1099- Misc

Forum|Forum|6 years ago
March 24, 2020
1 reply
1 view

I an a yoga teacher, independent contractor, with a 1099-MISC. I entered all the info and yet the amount is not showing up on the income page. Have I missed something?

TurboTax Home & Biz Windows

JamesG1

Level 15

At the screen Does one of these uncommon situations apply? Did you click None of these apply or something else.

At the screen Did the xxx involve work that’s like your main job, did you say Yes or No?

At the screen Did the xxx involve an intent to earn money, did you say Yes or No?

Review the 1040 to see where the 1099-Misc was placed by following these directions.

Down the left side of the screen, click on Tax Tools.
Click on Tools.
Under Other helpful links, click on View Tax Summary.
Down the left side of the screen, click on Preview My 1040 to see the actual tax return that you prepared.
Down the left side of the screen, click Back to return.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

bpchiselkoAuthor

Level 2

At the screen Does one of these uncommon situations apply? Did you click None of these apply

At the screen Did the xxx involve work that’s like your main job, did you say Yes

At the screen Did the xxx involve an intent to earn money, did you say Yes

The amount that I enter under 1099 MISC is going into Sole Proprietorship. I am a yoga instructor, not

Sole Proprietorship

VictoriaD75

Level 12

Being a yoga instructor makes you a sole proprietor if you are being paid for your services and have a profit motive. Being an independent contractor as a yoga instructor makes you self-employed, as you are not a regular employee receiving a paycheck and W-2. You will be subject to self-employment tax. You will want to deduct any business expenses that apply.

There are three common tests for deductibility of business expenses:

Ordinary and Necessary - The expense must be ordinary and necessary. Generally, this means that the expense is commonly found in the specific business, and is helpful and appropriate in running the business.
Business Purpose - Expenses must have a legitimate business purpose to be considered deductible.
Reasonableness - The tax law requires that the deductions be reasonable to be deducted.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"