How do enter income received through a purchase order

Forum|Forum|6 years ago
January 26, 2020
1 reply
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I am a consultant for a university and received income (~$10K) through a purchase order. I do not have a business (e.g., LLC), I just was paid an hourly rate for the hours I consulted. I have not, nor do I expect to receive any end of year forms from the university to document actual payment for 2019. How should this be included?

Best answer by LeonardS

You will report this as self-employment income on Schedule C Profit and Loss from Business.

The IRS requires that employers issue Form 1099 to any individual who is not an employee and is paid more than $600. Employers have until January 31, 2020, to issue Form 1099.

To enter information in Schedule C follow these steps:

With TurboTax open: select the Wages & Income tab.
Click on I'll choose what I work on scroll down to business items.
Select visit all on line Business Income and Expenses (Sch C)

Follow the screen prompts to enter your Schedule C information.

LeonardSAnswer

Level 14

You will report this as self-employment income on Schedule C Profit and Loss from Business.

The IRS requires that employers issue Form 1099 to any individual who is not an employee and is paid more than $600. Employers have until January 31, 2020, to issue Form 1099.

To enter information in Schedule C follow these steps: