Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
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.

Dynamic AdsDynamic Ads
Privacy Settings
v