Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
robinlea
New Member

If I receive income from insurance commissions from past employment, but no longer work in insurance sales (Yes, I received a 1099-MISC), do I also need Schedule C?

 
1 Reply
BMcCalpin
Level 13

If I receive income from insurance commissions from past employment, but no longer work in insurance sales (Yes, I received a 1099-MISC), do I also need Schedule C?

Yes, since this 1099-MISC was from earned income, you will have to complete a Schedule C (Business) as if you were a sole proprietor. The purpose of this is not only to determine your federal income tax due, but also to determine your self-employment taxes (which are the Social Security and Medicare taxes that you see on your W-2). These will be found on Schedule SE, which is derived from the net profit on Schedule C.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~