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Level 1
posted Jun 1, 2019 11:33:49 AM

If I went negative on my self employed business, and filed my 1099-k (which says that i owe), do I have to file my 1099-k even if i had no profit?

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1 Best answer
Level 3
Jun 1, 2019 11:33:50 AM

Your self employed income gets filed with all your other personal income sources (like say a W-2). The loss could potentially offset your wages so you'll want to file. If you have no other income, then filing with a loss could create a carry-forward which can offset future years. 

2 Replies
Level 3
Jun 1, 2019 11:33:50 AM

Your self employed income gets filed with all your other personal income sources (like say a W-2). The loss could potentially offset your wages so you'll want to file. If you have no other income, then filing with a loss could create a carry-forward which can offset future years. 

Level 1
Jun 9, 2019 5:48:17 PM

Thanks for the advice, I actually got a great return.