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New Member
posted May 31, 2019 11:41:54 PM

I have a business but did not make any income last year. Should I still receive a 1099-MISC

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1 Best answer
New Member
May 31, 2019 11:41:56 PM

You will not receive a 1099-MISC if you did not have any income.

A 1099-MISC is required for any non-corporate entity that provided at least $600 in services.  Since you had no self-employed income in 2016, nobody is required to provide you with a 1099.

If you had expenses for your business, you should still report them (TurboTax Self Employed is required to deduct these expenses).  There is no specific amount of gross income (money coming in) or profit that you must meet in order for your expenses to be deductible.  

Important note:  You are only able to deduct your expenses in the year that you paid them - you cannot save them for a future year.

To get to the input screens for your business:

  • Once signed into your account, click on Search at the top of the screen
  • Input "schedule c" into the search box and hit Enter
  • The first link available should be Jump to schedule c - click on this link
  • You will be taken to the screens to enter your income, business information, and expenses
When you come to the input screen for your income, simply do not enter anything. Work through the other screens that come up (business information, etc.) and then you will be able to enter your expenses.  

1 Replies
New Member
May 31, 2019 11:41:56 PM

You will not receive a 1099-MISC if you did not have any income.

A 1099-MISC is required for any non-corporate entity that provided at least $600 in services.  Since you had no self-employed income in 2016, nobody is required to provide you with a 1099.

If you had expenses for your business, you should still report them (TurboTax Self Employed is required to deduct these expenses).  There is no specific amount of gross income (money coming in) or profit that you must meet in order for your expenses to be deductible.  

Important note:  You are only able to deduct your expenses in the year that you paid them - you cannot save them for a future year.

To get to the input screens for your business:

  • Once signed into your account, click on Search at the top of the screen
  • Input "schedule c" into the search box and hit Enter
  • The first link available should be Jump to schedule c - click on this link
  • You will be taken to the screens to enter your income, business information, and expenses
When you come to the input screen for your income, simply do not enter anything. Work through the other screens that come up (business information, etc.) and then you will be able to enter your expenses.