Could you give us the entire error message? Does it say which line it is referring to? Does this message appear in the Federal Review or during the business interview?
Most commonly this indicates you have a data field on the SCH C or one of the associated workshhets where the first character is a space. The IRS computers will not accept it.
My husband has a beauty shop with 3 self contracted people who he has provided 1099's for each year.
Where does information from the 1099-K showing all the paypal payments for all these contractors go on schedule c?
Is this paypal payment amount, which includes everyone's fees, added into gross profits and then deducted within the expenses list?
Thanks.
The 1099-K reports income to the business ... how did expenses get in those figures? Are you sure they are commingled? If you use the paypal account to receive the income and pay bills so on the Sch C you will enter in the total income received and all of the expenses ... there is a category called Contract Labor for the 1099 workers.
If you paid anyone $600 or more you need to give them a 1099Misc. But not to corporations or for merchandise. You send the IRS a copy of the 1099Misc with the transmittal summary form 1096. These are due to the person by Jan 31 and to the IRS by Jan 31 also.
That is Contract Labor on Schedule C line 11.
How to enter Contract Labor
https://ttlc.intuit.com/community/entering-importing/help/how-do-i-enter-contract-labor/00/27407
I have a small business of proctoring SAT exams for a stipend and have been reporting that income on a schedule C along with my vehicle mileage but due to COVID, did not work at all in 2020. Do I still fill out a schedule C?
If you have business assets that are being depreciated or if you have ongoing expenses or income that you are still paying, you will still need to file Schedule C.
If you have a business, if it is still in operations, even though you have not received any income this year, as long as the doors are still open and available to work, you can still file Sch C.
If you did not drive miles for the Sch C then you would not claim any mileage expenses.
I am getting the above message during Fed error check " Schedule C (REALTOR) : Other Expense Text is invalid. I have finished the return can not submit today is the last day
@zwaliany wrote:
I am getting the above message during Fed error check " Schedule C (REALTOR) : Other Expense Text is invalid. I have finished the return can not submit today is the last day
Go back to the Self-Employment section for Expenses. Delete the text and amount in the Other Expense boxes.
Re-enter the description of the expense and the amount.
Extended tax returns have to be filed on or before October 15, 2021.