If you are a Sole Proprietor, then you would just total the 1099's up and enter them on to your Schedule C in Turbo Tax (or enter just the one). The Schedule C is also where you'll enter your associated business expenses too. However, to do this you'll have to upgrade from Turbo Tax Free to Turbo Tax Self-Employed. Keep in mind that the cost of the upgrade is considered to be a business expense which is deductible against your income. Once you upgrade, follow these steps in Turbo Tax to enter the 1099(s):
- Log into your tax return.
- Use the search box in the
upper right hand corner. Type "schedule c" in the box and press
enter.
- This will bring up the
"Jump to schedule c" link...click that link.
- From here Turbo Tax will ask
you some specific questions about your business. You'll be led through a
different screens asking you more questions regarding your business.
- You'll also be taken to a
screen to enter you income.
- Finally, Turbo Tax will bring
you to the screen for you to choose what expenses you would like to enter
onto your tax return.
If you are not considered a Sole Proprietor, and the 1099-MISC is not something that happened with any kind of profit motive from a business standpoint, and you have no associated expenses...you can just enter the 1099 on Line 21 of Form 1040. Unfortunately, to do this you'll have to upgrade from Turbo Tax Free to Turbo Tax Deluxe. Once you upgrade, follow these steps in Turbo Tax to enter the 1099(s):
- Log into your tax return.
- Use the search box in the
upper right hand corner and type in "Miscellaneous Income" and
click enter.
- When you do this it will
cause the "Jump to Miscellaneous Income" link to appear...click
that link.
- From here Turbo Tax will
guide you through the remaining steps to entering the information onto
your tax return.
