I own a small business, and i am trying to enter my income in schedule 1, but don't even see it as an option?

kovan7621 — Sun, 29 Mar 2020 02:09:16 GMT

Re: I own a small business, and i am trying to enter my income in schedule 1, but don't even see ...

MaryK4 — Sun, 29 Mar 2020 02:24:05 GMT

In TurboTax, you enter under Self-Employment which creates the Schedule C which is transferred onto the Schedule 1.

Re: I own a small business, and i am trying to enter my income in schedule 1, but don't even see it as an option?

VolvoGirl — Sun, 29 Mar 2020 02:29:10 GMT

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

For 2019 Schedule C Net Profit or Loss goes to 1040 Schedule 1 line 3. Then the total on schedule 1 line 9 goes to 1040 line 7a.

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% 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.

The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 2 line 4 which goes to 1040 line 15. The SE tax is in addition to your regular income tax on the net profit. You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 14 which flows to 1040 line 8a. Turbo Tax automatically calculates the SE Tax and Adjustment.

Here is some IRS 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

topic I own a small business, and i am trying to enter my income in schedule 1, but don't even see it as an option? in Business & farm

I own a small business, and i am trying to enter my income in schedule 1, but don't even see it as an option?

Re: I own a small business, and i am trying to enter my income in schedule 1, but don't even see ...

Re: I own a small business, and i am trying to enter my income in schedule 1, but don't even see it as an option?