Yes, if you want to delete any reference to self-employment, then use the trash icon to delete the entry. Although while keeping any reference to self-employment may lower your refund, if you earned income through a side gig, you do need to pay tax on that income. If for 2022, your activity no longer qualifies as income from self-employment because you did not perform the work with regularity and continuity and in a business-like fashion, then you can report the income as "other income." Below, you will find the steps to follow to report this income as other income if you are so inclined.
- To enter other income in TurboTax online, click on Wages & Income, scroll down the page to Less common income, click on the drop-down arrow and select Miscellaneous Income.
- From the list select Other reportable income and respond to the questions on the screens that follow.
- If you are using TurboTax CD/download, the process is similar. After selecting the Wages & Income tab, scroll down the screen to Less Common Income, and select Miscellaneous Income. Enter your information.
Yes, your refund may be less this year because the advanced child tax credit no longer applies. In 2021, most families received the full amount: $3,600 for each child under age 6 and $3,000 for each child ages 6 to 17. However, as noted in prior posts, this advanced child tax credit is not available for tax year 2022.
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