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xps0412
New Member

How do I report funds received from a personal service contract for my grandfather?

 
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7 Replies

How do I report funds received from a personal service contract for my grandfather?

xps0412
New Member

How do I report funds received from a personal service contract for my grandfather?

Well this was a personal service contract between my grandfather and me. Not through a government agency.

How do I report funds received from a personal service contract for my grandfather?

Is he on Medicaid?
xps0412
New Member

How do I report funds received from a personal service contract for my grandfather?

He passed away mid last year

How do I report funds received from a personal service contract for my grandfather?

Was he on Medicaid at the time?
xps0412
New Member

How do I report funds received from a personal service contract for my grandfather?

He was on the process of getting it. He passed away in the process, I believe he had gotten approved

How do I report funds received from a personal service contract for my grandfather?

You are considered Self Employed and will file a Sch C for the income ... 

https://ttlc.intuit.com/questions/1901340-what-is-a-schedule-c-profit-or-loss-from-business

You will need to upgrade to the Self Employed version   OR   switch to any version of the Downloaded programs to handle that form. 


If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income.  So you need to keep your own good records. Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center 

Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf 

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf 

https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Beginner-s-Tax-Guide-for-the-Se... 

https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-an... 8

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