topic I'm trying to insert my 1099 misc information but its acting like I own the company I worked for what do I do? in Get your taxes done using TurboTax

I'm trying to insert my 1099 misc information but its acting like I own the company I worked for what do I do?

perri_r — Thu, 06 Jun 2019 15:49:18 GMT

If you have a 1099-MISC with income paid to you reported...

Carl — Thu, 06 Jun 2019 15:49:19 GMT

If you have a 1099-MISC with income paid to you reported in box 7, then as far as the IRS is concerned, you do own a business. You are considered to have been self employed and "in business" for yourself when you earned that money. Therefore, all of your business income & expenses is required to be reported on SCH C as a part of your personal 1040 tax return.

Our SuperUser is correct. Allow me to add this: Your que...

JeffG — Thu, 06 Jun 2019 15:49:21 GMT

Our SuperUser is correct.

Allow me to add this:

Your question is very common - sorry for the confusion.

Information from Form 1099-MISC can be entered in 2 different locations, depending on your situation:

Self-Employment - when the income relates to your normal job or something you do regularly. This income will end up on a Sch C, subject self-employment tax and expenses can be entered to reduce the taxable amount.
Other Common Income - something you did only once - and not related to your normal job and don't plan on doing this type of work in the future.

If the second example sounds like you - enter this information in Turbo Tax as follows: Go to Federal Taxes - then click on Wages & Income, next look for the section: Other Common Income, then click on Start to the right of "Form 1099-MISC."

I hope this helped you. Thank you for using Turbo Tax.

Be careful of your selections if the income is reported i...

Carl — Thu, 06 Jun 2019 15:49:22 GMT

Be careful of your selections if the income is reported in box 7 of the 1099-MISC. The exceptions for that income to not be SE income are rare. The most common rarity for box 7 income, is if it's scholarship money, grant money, or money for participating in a "study group" (usually in the medical field)