1090-MISC

[Mikem90]

I am doing side work for a company.  I have received a 1099-MISC from them.  This work is separate from my normal job which I receive a W2.  Where in TurboTax can I put in my expenses for this 1099-Misc?  I would like to write off mileage and some other expenses.  I found a section where i thought I could put this in but it is asking me for my company name, which I do not have one.  This is just a side job for this company only.  Not sure what to do here?

[HelenC12 · Accepted solution]

When you have a side job where you're not an employee, the IRS considers you to have your own company so you were in the right area of TurboTax. You would use your name as the company name, your business address is your home address and your Social Security Number as the "company" number.

TurboTax is going to generate a Schedule C, Profit or Loss From Business, when you enter your 1099-MISC side job self-employment income. 

You may use the following TurboTax products to report your business, unemployment and wages:

• If you're using the TurboTax Online version, you may use TurboTax Self-Employed, and TurboTax Live Self-Employed.
• If you're using the TurboTax CD\Download version, you may use Deluxe, Premier, or Home & Business. 
• See What are the advantages of the TurboTax CD/Download software over the Online version?

Note: The higher the version, the more step-by-step guidance you'll receive. 

To enter your business related expenses, see Where do I enter my self-employment business expenses, like home office, vehicle mileage, and suppli...

[Mikem90]

So it doesn't matter that I don't own a business or have a registered business name correct?  I only do side work for this one business and they send me the 1099-MISC.  

[HelenC12]

Yes, that is correct. This is how the IRS wants taxpayers to report income that is for work if you're not going to get a W-2. 

The key to determining if you’re self-employed is to assess whether you're in business for yourself or are the owner of your own business.

This includes any part-time businesses or private “side jobs” where you’re performing services in addition to a regular job or business.

You are also self-employed if you’re an individual who:

• is the sole proprietor of an unincorporated business
• works as an independent contractor, consultant or freelancer
• is a member of a business partnership
• owns or is part of a limited liability company (LLC)
• earns income through investments
• earns income through rental property

You may not think of yourself as running a business, but you’re considered self-employed if you engage in business-like activities.

Business activities include any activity where you:

• intend to make a profit (even if you operate at a loss)
• have regular transactions or production of income
• make ongoing efforts to sustain, grow, or further the interests of your business

When you’re self-employed, you’ll receive a 1099-NEC, 1099-MISC or a 1099-K from the person or business that paid you. To read the entire TurboTax FAQ, click here.