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Even if your company was not actively pursuing a business objective during the year, any self-employment income in the same industry reported to you on Form 1099-MISC should be entered for Schedule C.
However, if the work you performed was in a different industry and unrelated to your original business, you would need to enter the income under a new business name and profile for Schedule C. Any income from Form 1099-MISC Box 7 is considered self-employment income.
Even if your company was not actively pursuing a business objective during the year, any self-employment income in the same industry reported to you on Form 1099-MISC should be entered for Schedule C.
However, if the work you performed was in a different industry and unrelated to your original business, you would need to enter the income under a new business name and profile for Schedule C. Any income from Form 1099-MISC Box 7 is considered self-employment income.
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