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Level 2
posted Mar 23, 2020 9:34:00 AM

In 1040, how important is it to have the right description for Occupation? "Business Founder" vs "Entrepreneur"

I worked without a salary for the whole of 2019 as the solo entrepreneur in the c-corp startup that I founded. 

Should I enter my occupation as a " Business Founder", "Startup Founder", "Technologist" or "Entrepreneur"? How much does it matter?

 

Thank you very much

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1 Replies
Expert Alumni
Mar 23, 2020 9:47:59 AM

It is better to be as descriptive as possible. The IRS will want to match expenses to your line of work.