If the work you did is something that you will do
regularly or related
to the work you do at your regular job you are considered self-employed and
must file a Schedule C. If the work you did for the 1099-MISC does not meet
this description, you have 'Other Income'
Examples: You work
for a Construction company all day and you did some car repair for someone,
don't anticipate doing it for pay in the future and got a 1099-MISC, this is
'Other Income". But let's say you painted someone's house, put up siding
or drywall for them; this is considered business income and must go on a
Schedule C. While Schedule C income is subject to Self-Employment taxes you can
also deduct any related business expenses.
Once you've determine which type of income you have, follow the
instructions below to enter it.
How to get started entering the
information for your Schedule C business
In your TurboTax Home &
Business edition:
- Click the
Business tab, and Continue.
- On the
How do you want to enter your business income? screen:
- Go
through all areas sequentially by clicking Walk me through everything.
under Guide me, or I'll choose what I work on under I'll explore on my
own.
- Choose
your topics by clicking Start/Update and follow the prompts.
You can also use the TurboTax search box by
entering Schedule C and clicking on the Jump to Schedule C link.
Here is how to enter your Other Income in TurboTax;
- Click on Federal Taxes
- Choose Wages & Income
- Click I'll Choose what I work
on
- Scroll all the way to the
bottom Less Common Income section
- Click Start across from Miscellaneous Income,
1099-A, 1099-C
- Scroll to the bottom
- Across from Other reportable
income, Click Start
- Click Yes
- Enter Description &
Amount
