I'm self-employed. My mileage is partially reimbursed by an agency. How can I use TT Home & Business to deduct the diff between my .47 cpm and the standard mileage rate?

[Meghan5k]

I am self-employed, contracted through an agency that reimburses my mileage at .47 per mile.  How can I use turbotax home & business to deduct the difference between the standard mileage rate of 53.5 cents per mile and the amount I have been reimbursed?  That amount was not included on my 1099.  I have seen this question answered for employees, but not for how to enter this into turbotax home & business for self-employed users.  Thanks!

[CaronM]

Hey there. So you'd actually it the same way, but you'd choose to link the vehicle expenses to your Sch C instead of to Sch A like an employee does.

[Meghan5k]

Thanks for responding.  I know it will go on my schedule C, I just haven't been able to figure out how to answer the turbo tax questions to make that happen.  I am using home & business.  In the business vehicle expenses section I am prompted to enter "miles driven for business."  Would I put the full actual mileage number there (for which I was already reimbursed), and then put the reimbursement amount somewhere in business income?

[BarbL]

The simplest solution is to claim the reimbursement as income, then take the full 53.5 cents per mile deduction.

[Meghan5k]

Okay, thank you.  I just wanted to make sure that was a legit way to do it.  I appreciate your help!

[BarbL]

The end result is the same, so perfectly acceptable!