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alex281
New Member

Can I fix my refund I didn’t have a business nor was self employed

How can I redo my tax
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1 Reply
DianeW777
Expert Alumni

Can I fix my refund I didn’t have a business nor was self employed

It depends. If  you received income for services you performed, that were not as an employee, then that is self employment which means you have a business for tax purposes.

 

If you don't actively pursue work for livelihood and on a regular and consistent basis, then it may be miscellaneous income such as hobby or something else.

 

You can decide if it is hobby or business income. Once you decide you can use the information below to report the income. 

 

This IRS link will help you: Business or Hobby?

Key elements:

  1. A hobby requires you to report the income you received and under the current tax law, Tax Cuts and Jobs Act (TCJA), no expenses are allowed to be used to reduce the money collected even if you itemize deductions.
  2. A business allows you to deduct the costs necessary to obtain the income.  The law explains that 'you must be engaged in the activity to produce a profit'.  The test under IRS tax law is that you must show a profit three out of every five consecutive years to be considered a business.  
    1. Where do I enter Schedule C?

Other Miscellaneous Income: If you use this and you entered an income document you may need to delete that document first.

  1. Sign into your TurboTax Online account
  2. Go to Tax Home (left panel)  Wages and Income  section
  3. Scroll to  Less Common Income > Select  Miscellaneous Income, 1099-A, 1099-C
  4. Select Other reportable Income > Enter a description (----) and the amount

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