My wife received a 1099-MISC form for money she received for an internship that was a requirement of her college degree. She incurred expenses, like mileage, performing the internship. How and where on my tax return do we claim a deduction for those expenses against the internship income?
How do I report income from self-employment?
If you received a 1099-MISC for your self-employed income
Type 1099-misc in the Search box and then select the Jump to link. This will take you directly to the section where you can enter your 1099-MISC. You’ll also be able to enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment.
If your self-employment income was only from cash, personal checks, credit card payments, or cryptocurrency
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, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment. You may first be asked some general questions about your business. After you answer them, you’ll be taken to the Let's get income for (your line of work) screen where you can enter this income as Additional Income.
- What's the difference between self-employment income and other income?
- Where do I enter a 1099-MISC?
- Why am I paying self-employment tax?
- How is cryptocurrency like Bitcoin taxed?
If you are new to being self employed, are not incorporated or in a partnership and are acting as your own bookkeeper and tax preparer you need to get educated ....
If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income. So you need to keep your own good records. Here is some reading material……
IRS information on Self Employment….
Publication 334, Tax Guide for Small Business
Publication 535 Business Expenses
Home Office Expenses … Business Use of the Home
Publication 946 … Depreciation
You can enter 1099Misc or cash Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version.
How to enter self employment expenses