Premiere upgrade to Home If needed in second return

[Bfted]

I purchased premier CD which I have used for years for myself and dependent college age children. This year my dependent was employed briefly after graduation  by a cruise ship and did not receive W2  or any ss/Medicare taxes. In addition  he received another contract 1099 for summer work. He suspect he will need to file as withholding was held for a small job even though he's my dependent due to being a college student during the spring. His combined earnings was around $12,000. 

My question can I use Premiere still and will it be able to take care of my sons return for schedule C.  Will it automatically refer to an  upgrade on his return? Or should.I attempt to return premiere to Amazon to get Home

[rjs]

The CD Premier will be able to handle your son's tax return with Schedule C. It may suggest an upgrade, but you do not have to upgrade. TurboTax Home & Business would give you more guidance and a more detailed interview for self-employment, but you probably don't need it. If you decide that you want to upgrade, just click "Upgrade TurboTax" at the bottom of the TurboTax window. You do not have to return the CD and buy a different one.

The fact that tax was withheld does not require him to file. But if he had $400 or more of self-employment income, he is required to file. Income on a 1099-NEC or 1099-MISC, and income for which he did not receive a tax form, is all self-employment income.

[DavidD66]

Since your son's income was working as an independent contractor (1099 income) he will need to file a Schedule C - Profit and Loss from Business.  Schedule C  (and Schedule SE -Self-Employment Tax) is available in the Premier version of TurboTax CD/Download.  It does not have as much guidance from the interview as TurboTax Self-Employed, but you can complete the necessary forms and schedules.  I suggest you give it a go in Premier, and then if you decide you want to additional help/guidance you can upgrade from within the program (internet connection required).  There is no need to return the Premier version.   

[VolvoGirl]

Yes Premier should work.  All the Desktop versions have all the same forms.  You just get more help in the higher versions.   Go up to FILE-NEW TAX RETURN.  

So did he get a W2 for the job that withheld taxes?   How old is he?  

Be sure on their return they check the box that says they can be claimed on someone else’s return. If their only income is W2 and under 12,950 they do not have to file a return except to get back any withholding taken out.  But they have to file if they get a 1099NEC for self employment and pay self employment tax on it.  

Filing requirements for a dependent
https://ttlc.intuit.com/community/children-dependents/help/do-i-need-to-file-my-own-taxes-if-i-m-a-d...

[Bfted]

Yea he did he a 1099NEC for one. The cruise ship one he got nothing except for a summary of his pay for two months. It is from the international entertainment group out of Germany, not the US division. When he followed up with his manager he said he would not be getting one. So not quite sure how to proceed.

[Bfted]

Thank you. He only got a summary of pay from the cruise ship so I am assuming he has to account for that as a contractor even though there was no 1099NEC. 

[rjs]

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@Bfted wrote:

Thank you. He only got a summary of pay from the cruise ship so I am assuming he has to account for that as a contractor even though there was no 1099NEC. 

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Yes, that's correct. There is a place to enter self-employment income that was not reported on a 1099-NEC. It will get added in to his total self-employment income.

[VolvoGirl]

You don't need to get a 1099NEC or 1099Misc or 1099K.  Even if you did you can enter all your income as Cash.  Only the total goes to schedule C.

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...