Is there a way I can enter my check stubs year around? If I switch jobs, get fired or work contract jobs, can I enter check stubs as I get them?

[VolvoGirl · Accepted solution]

No.  And your paychecks wont match the W2 you get at the end of the year.  Now if you get paid for independent contractor self employment jobs that is a whole different story so post back for more info on that.

[sprke]

So Contracted Labor I can enter year around, but final check stub's from normal jobs I can not enter year around as a job ends?

[xmasbaby0]

Not so sure what you are thinking when it comes to "year round"--the software for the next tax year--2017--will become available in late November.  Tax filing deadline for 2017 taxes is in mid-April 2018.  Unless you plan to file late every year.
Entering information from pay stubs is not a good way to prepare your tax return,  The information from your pay stubs will not actually match the W-2 you get from the employers.  Your employers should issue your W-2's by the end of January, and anyone who will be issuing a 1099Misc should also get it to you by the end of January.  Certainly it is a good idea to save your pay stubs and keep accurate records, especially for contract work.  And keep records of expenses you have when you perform contract work.  There is not an effective way to enter that information into tax return software "year round."  If you are doing lots of independent contract work, @VolvoGirl  has some great tips to offer.

[sprke]

I was just hoping that in our profile we could enter tax deductions, receipts, things that are exempt, etc. And enter final check stubs, contracted income amounts, etc. And then when tax season came around, it would all just automatically transfer into our forms like the personal information from last years forms transfer to this years forms. Do I make sense? Or am I talking crazy stuff? LOL

[xmasbaby0]

Well, the software for TurboTax does not really work that way by itself.  You might want to consider a program like Quickbooks.<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3401540-what-is-quickbooks-self-employed">https://ttlc.intuit.com/...>

[sprke]

I thought about that, but does Quickbooks "talk to" turbo tax?

[xmasbaby0]

Yes--I do not know much about using it -- see the link I gave you though.

[sprke]

OK thank you. I just want to enter it as it becomes a final transaction, so I don't forget or lose forms or stubs, by the end of the year. However, me being lazy, I only want to enter it once. LOL

[xmasbaby0]

<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2930260-how-do-i-access-turbotax-self-employed-when-i-m-ready-to-e...>

[sprke]

I only do the self-employed stuff as side jobs though. Most of my income is from a regular job.

[sprke]

I have to go for now, but I will check back later for any responses. Thank you VolvoGirl and xmasbaby0 for all your help on this issue.

[VolvoGirl]

For your self employment side jobs.....

Some general info.  You will need to keep good records.  You may get a 1099Misc at the end of the year if someone pays you more than $600 but you need to report all your income no matter how small.  You might want to use Quicken or QuickBooks to keep tract of your income and expenses.  

There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed  return....
<a rel="nofollow" target="_blank" href="http://quickbooks.intuit.com/self-employed">http://quickbooks.intuit.com/self-employed</a>

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax.

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 57.  The SE tax is in addition to your regular income tax on the net profit.

Here is some IRS reading material……

IRS information on Self Employment
<a rel="nofollow" target="_blank" href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center"...>

Pulication 334, Tax Guide for Small Business
<a rel="nofollow" target="_blank" href="http://www.irs.gov/pub/irs-pdf/p334.pdf">http://www.irs.gov/pub/irs-pdf/p334.pdf</a>

Publication 535 Business Expenses
<a rel="nofollow" target="_blank" href="http://www.irs.gov/pub/irs-pdf/p535.pdf">http://www.irs.gov/pub/irs-pdf/p535.pdf</a>