turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Retired VS non-retired tax reporting

I retired from a local government in 2020 and receiving regular pension.  As I  have several licenses that were hard earned and I have no intention of giving them up, but they do cost me to keep them every two to three years as I need to renew and  take some continue education to keep them.  Can I just changed my reporting status s back to  Civil Engineer like I am still working without a W2 form to report? 

Also if I keep that, would  I be able to deduct some expenses like buy a new PC etc?  Also can I work on simple project without getting a business license? 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

8 Replies

Retired VS non-retired tax reporting

Do you mean you are working now as an independent contractor?   Are you doing some sort of consulting etc?   If so you will have self-employment income from which you will pay self-employment tax for Social Security and Medicare, and for which you will prepare a Schedule C for business expenses.

 

As for licensing---that would be a state matter which you would have to explore with your state.  The IRS does not require you to have a license to do business as an independent contractor.

 

 

 

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

 

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_U...

 

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

 

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

 

 

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

 

 

https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-

calculator-2021-2022-50907/

 

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

 

 

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Retired VS non-retired tax reporting

You can only deduct those expenses if you have a business so you would need self employment income on which you would pay self employment tax as well as regular income tax   

Retired VS non-retired tax reporting

Thanks.  I would like to be an independent contractor if any project come along but I  would go all out to get a business.  What if, I don't have any project for the whole year?  

Retired VS non-retired tax reporting

Thanks.

That mean if I don't get any income as an independent contractor, I won't be able to deduct my expenses?

Retired VS non-retired tax reporting

If you do not have a  business and do not have Schedule C to report expenses on then, sorry, you have no place to deduct ongoing or renewed certification expenses.  That will simply be a personal expense.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Retired VS non-retired tax reporting

Because I have to pay licenses and other continue education expenses, can I just report making say, $200 and filed a form C ? 

Retired VS non-retired tax reporting

“can I just report making say, $200”

Are you implying that you would just make up income to be able to deduct expenses?  That would be fraud. 

Retired VS non-retired tax reporting

Understood! That is illegal. what if I made $500 and reported $1,000?

 

Thanks 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies