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prof1
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1099 misc income received this year not expected every year, but turbo tax classified me as self employed business owner this year. what do i do

misc income from guest speaking at college, academic consulting at another college, and royalties from books (not expected each year). am college professor
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MichaelDC
New Member

1099 misc income received this year not expected every year, but turbo tax classified me as self employed business owner this year. what do i do

If you have "Non-employee compensation" (Box 7 of a 1099-MISC), according to the IRS it is considered income from self-employment. You are considered to have a self-employed "business" and you are the "owner".  TurboTax will help you report it as Business Income on a Schedule C or C-EZ. 

If you have only income from self-employment and no expenses, there is no need to upgrade from Deluxe. If you do have expenses, however, that will trigger an upgrade to the TurboTax Self-Employed edition.

You may be able to deduct business expenses directly from that income. 

TurboTax will guide you through the entries of your "business".

How to get there  

1.       type Schedule C in the Search Box at the top of the screen (you may see a magnifying glass there).  

2.       Click Jump to Schedule C.  

Follow through the interview in the Business section. You'll notice blue links that have more information and details about the particular sections that will be extremely helpful. 

 






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MichaelDC
New Member

1099 misc income received this year not expected every year, but turbo tax classified me as self employed business owner this year. what do i do

If you have "Non-employee compensation" (Box 7 of a 1099-MISC), according to the IRS it is considered income from self-employment. You are considered to have a self-employed "business" and you are the "owner".  TurboTax will help you report it as Business Income on a Schedule C or C-EZ. 

If you have only income from self-employment and no expenses, there is no need to upgrade from Deluxe. If you do have expenses, however, that will trigger an upgrade to the TurboTax Self-Employed edition.

You may be able to deduct business expenses directly from that income. 

TurboTax will guide you through the entries of your "business".

How to get there  

1.       type Schedule C in the Search Box at the top of the screen (you may see a magnifying glass there).  

2.       Click Jump to Schedule C.  

Follow through the interview in the Business section. You'll notice blue links that have more information and details about the particular sections that will be extremely helpful. 

 






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