topic How to enter income from home business in Business & farm

How to enter income from home business

ashleycaudill — Wed, 05 Jun 2019 21:45:52 GMT

i do not have a 1099 since this is a business I own

Follow these steps to enter Business Income and Expenses...

PatriciaR — Wed, 05 Jun 2019 21:45:53 GMT

Follow these steps to enter Business Income and Expenses in TurboTax Online Self-Employed.

While signed into your TurboTax account:

Go to Search (upper right of program) and use keywords “business expenses”
Select the “Jump to” link to be taken to business income and expenses

The TurboTax interview will guide you through questions to enter your business income and expenses. (click on screenshot below for more detail)

If your self-employment income was from cash or personal checks or credit card payments:

Type “Schedule C” in the Search box and then select the “Jump to” link. This will take you to where you can enter any cash, personal checks or credit card payments (Form 1099-K) related to your self-employment. You may be asked some general questions about your business. After you answer them, you’ll be taken to the Your Business screen where you can enter this income as Additional Income under Business Income.

When you get to Expenses, TurboTax will list common business expenses and you can place a checkmark next to all the expenses that apply to your situation. Use the “Learn more” blue link next to each item to obtain more information on the types of business expenses for that section.

If you do not find a specific expense in that list, expand the list by clicking “Less common expenses” and scroll down to “Other miscellaneous expenses”. Use the “Learn more” link to determine if your specific expense would be entered there.

Re: Follow these steps to enter Business Income and Expenses...

bealr91 — Mon, 07 Mar 2022 20:38:05 GMT

I am having trouble being able to enter my 1099 business income. I go to start but it doesn't give me option of entering income from company

Re: How to enter income from home business

ZoltanB45 — Mon, 07 Mar 2022 21:31:01 GMT

What type of business entity is this? If it is an S Corporation or partnership, you would have to file an informational tax return. Then bring the K-1 in to the personal tax return. if that is the case, you would need Turbo Tax Business.

If you have an LLC or sole proprietorship, enter it directly on the individual tax return.

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income and expenses
self-employment income
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