How do I enter income for my wife if she was a hair dresser and worked for herself All i see is enter W2 but she did not get one

tito96r — Sat, 01 Jun 2019 01:39:41 GMT

Use Self Employed version of TurboTax ...

Rainman12 — Sat, 01 Jun 2019 01:39:43 GMT

Use Self Employed version of TurboTax ...

If you are not paid as a W2 employee with taxes taken out...

VolvoGirl — Sat, 01 Jun 2019 01:39:43 GMT

If you are not paid as a W2 employee with taxes taken out then you probably file as self employed.   You might get a 1099Misc for the income.  You need to keep good records and report all your income, even if you don't get a 1099Misc.  You fill out a Schedule C in your personal 1040 tax return and pay Self Employment Tax in addition to regular income tax on it.

First of all,  If you buy the Desktop CD or Download Software any version will handle it but you will get more help in Home & Business.  For the Online versions you have to use the new Self Employed version (formerly called Home & Business).

Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Pulication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf

Self Employment tax (Scheduled SE) is generated if a person has $400 or more of net profit from self-employment on Schedule C.  You pay 15.3% for SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 57.  The SE tax is in addition to your regular income tax on the net profit.

topic How do I enter income for my wife if she was a hair dresser and worked for herself All i see is enter W2 but she did not get one in Get your taxes done using TurboTax

How do I enter income for my wife if she was a hair dresser and worked for herself All i see is enter W2 but she did not get one

Use Self Employed version of TurboTax ...

If you are not paid as a W2 employee with taxes taken out...