I file under wages but I am a self-employed (freelancer) so I don't have W-2s how can I fix it

[Critter-3]

What tax year is this for ?   And did you already file the return ?

[xmasbaby0]

Not quite sure what you are doing now.   Online software for 2021 has not opened yet--it will be available in early December.   The CD/download software for 2021 is available already.   You can use any version of the download to enter self-employment or W-2 income; the software provides all the forms and schedules.

If you entered self-employment income in the wrong place on a previous tax return:

https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

If you messed up a tax return:

Select your tax year for amending instructions:

• 2020
• 2019
• 2018

Do not amend until the original return has been fully processed.

[Carl]

If you do not have a W-2, then you must still work through the W-2 section of the program. It's the first or second screen that has a selection on it for "I don't have any W-2's". You must select that option and this finish working through the W-2 section all the way to the end. Until you do that, you will continue to have issues.

[VolvoGirl]

What did you mean you file under wages?   Wages are only W2 income.  To report self employment you fill out a Schedule C in your personal 1040 return.  You need to pay self employment tax if you have a Net Profit of $400 or more on Schedule C.  

Here's some self employment info.......

For the future, you should use a program like Quicken or QuickBooks to track your income and expenses.  There is a QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed  return....

http://quickbooks.intuit.com/self-employed

You will need to keep good records.  You may get a 1099NEC at the end of the year if someone pays you more than $600 but you need to report all your income no matter how small and if you don't get the 1099NEC.

You use your own records.  You are considered self employed and have to fill out a schedule C for business income.   You use your own name, address and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all income is At Risk.   

After it asks if you received any 1099Misc or 1099NEC it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records.  Just go through the interview and answer the questions.   Then you will enter your expenses.

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  

The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 Schedule 2 line 4 which goes to 1040 line 15.  The SE tax is in addition to your regular income tax on the net profit.  You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 14 which flows to 1040 line 8a.  Turbo Tax automatically calculates the SE Tax and Adjustment.

Here is some IRS reading material……

IRS information on Self Employment

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Pulication 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

Publication 463 for Travel, Gift & Car expenses

https://www.irs.gov/pub/irs-pdf/p463.pdf

[rjs]

Did you enter something in the W-2 section of TurboTax, even though you don't have a W-2? If so, you must delete the W-2 that you entered. You can't enter a W-2 if you don't actually have one.

The tag below your question indicates that you use TurboTax Deluxe Online. You can't enter self-employment income and expenses in Deluxe Online. You have to either use TurboTax Self-Employed Online, or any version of the CD/Download TurboTax software that you install on your own computer.

What are you trying to fix? If you need to fix a tax return that you already filed, see the post above by xmasbaby0 for links to instructions for amending a return.

[DaleE]

Self employed individual proprietorship do not have W-2. You keep track of money received and expenses. Keep all receipts. Hopefully you have a separate checking account to make it easy. In some cases income over $600 you will receive a Form 1099 for your income working for corporations. Others may not be required to send you Form 1099. You keep track of the funds and keep records to substantiate your income and expenses reported on Schedule C.

[DaleE]

This is exactly why TT should not have different capabilities by software version. It creates confusion and many users end up filing inaccurate tax returns. Never should a software exclude certain forms and functions. I have told TT this for 20 years.

[xmasbaby0]

@DaleE Sorry----you have to pay attention to the version you purchase if you use online.   And if you start in a lower version online and need other forms, you can upgrade to the version needed.   When you choose the version of online software you are going to use, you can look at the forms it provides before you choose.   All versions of desktop have all the forms and schedules, but online fees are structured differently.