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Returning Member
posted Feb 27, 2021 6:37:02 AM

1099 NEC, but no schedule C or schedule SE requirement?

My teen received a 1099 NEC for summer work.  Why is TT not requiring him to file a schedule c or schedule SE?  We would like to make a ROTH IRA contribution but cannot do so as the program states his "earned income" was zero.  It seems if I was able to do a Schedule C, the net amount could then be put in the ROTH IRA.  More importantly, I want to be sure he is paying all the required taxes.  

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3 Replies
Expert Alumni
Feb 27, 2021 7:09:19 AM

If you want to enter his income on Schedule C, then follow these steps:

 

  1. Type "Schedule C" in the search field at the top right hand of the screen.
  2. Select "Jump To Schedule C" and you will be brought to the section of TurboTax where you can enter or have entered your business income and expense information.

Plan compensation for a self-employed individual

To calculate your plan compensation, you reduce your net earnings from self-employment by:

  • the deductible portion of your SE tax from your Form 1040 return, page 1, and
  • the amount of your own (not your employees’) retirement plan contribution from your Form 1040 return, page 1, on the line for self-employed SEP, SIMPLE, and qualified plans.

 

 

Level 2
May 7, 2021 8:38:53 PM

Question... Not sure how to ask a new question  and mine is similar. I have business income and turbo tax created a schedule c but not an SE?? I can't figure out why.

 

Tom

Expert Alumni
May 8, 2021 3:13:20 PM

Did you have more expenses than income? You would not pay SE tax if there were a loss.