1099'd and w-2'd in same year same industry, how to file

[blah0626]

I was an independent contractor first half of 2018(1099'd) then employed as salaried associate second half the year (w-2) with two different companies but in same industry. I'm finally back filing and half a few questions regarding filing in general and using Turbo Tax Deluxe specifically. 

1. Should I file two returns one for w-2 and the other against the 1099?

2. If I do file one return with both incomes, I have quite a bit of business expenses I'll need to associate with the 1099, If I use Turbo Tax Deluxe to file will it walk me through associating those expenses against the 1099 on a schedule C? Or will I have to manually complete the Schedule C?

Reason for second question is I've actually started a return and nowhere in the process did it "funnel" off questions associating business expenses to the 1099, unless I just missed the "branching" input question.

Thanks in advance for any and all assistance   

[DoninGA]

As an independent contractor you only file one personal tax return.  The tax return will include your W-2 income and you enter your self-employment income on a Schedule C, which is part of your personal tax return, Form 1040.

To enter your self-employment income and expenses -

• Click on Federal Taxes
• Click on Wages & Income
• Click on I'll choose what I work on
• Scroll down to Business Items
• On Business Income and Expenses (Sch C), click on the start or update button

Any Form 1099-MISC you received for your self-employment income is Only entered on the Schedule C.

[Anonymous]

a taxpayer only file one 1040 each year which reports their worldwide income.  you will report the W-2 as normal and then report the 1099-misc on schedule C. TT will walk you through schedule C.  for expenses you will come to a screen which list 4 types

vehicle expenses

assets that must be depreciated

home office expenses

all other expenses

if you click on the all other expenses "Start" Icon

you will see a list of items

for other items click the "Continue" icon

no long-term care - click the "Continue" icon

you now will see a screen where other items of expenses can be entreed

[xmasbaby0]

@blah0626 If you are preparing a 2018 return, you cannot use the online program.  So if you are trying to use online--stop.  Online is only for 2019 returns.

To prepare a 2018 return:

Online preparation and e-filing for 2016, 2017 and 2018 is permanently closed.

To file a return for a prior tax year

If you need to prepare a return for 2016, 2017, or 2018 you can purchase and download desktop software to do it, then print, sign,  and mail the return(s)

https://turbotax.intuit.com/personal-taxes/past-years-products/

You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.

Remember to prepare your state return as well—if you live in a state that has a state income tax.

When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.

Note:  The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac.  It cannot be used on a mobile device.

If you are getting a refund, there is not a penalty for filing past the deadline.  If you owe taxes, the interest/penalties will be calculated by the IRS based on how much you owe and when they receive your return and payment. The IRS will bill you for this; it will not be calculated by TurboTax.

[blah0626]

Much appreciated. I'm sorry I should have qualified my question. I have purchased the filing software and do realize I will not be efiling for past years. My question in regards to the use of the software were more about my income circumstances and how it is handled in the software itself. The software prompts you through deductions against my W-2 but I did not experience similar prompts through expenses against the 1099. I did notice in the forms tab that a Schedule C had been constructed. Do I need to manually input onto that form and does the info translate over to the 1040 being submitted?

Thanks again for the response 

[DoninGA]

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@blah0626 wrote:

Much appreciated. I'm sorry I should have qualified my question. I have purchased the filing software and do realize I will not be efiling for past years. My question in regards to the use of the software were more about my income circumstances and how it is handled in the software itself. The software prompts you through deductions against my W-2 but I did not experience similar prompts through expenses against the 1099. I did notice in the forms tab that a Schedule C had been constructed. Do I need to manually input onto that form and does the info translate over to the 1040 being submitted?

Thanks again for the response 

---

As previously stated -

To enter your self-employment income and expenses -

• Click on Federal Taxes
• Click on Wages & Income
• Click on I'll choose what I work on
• Scroll down to Business Items
• On Business Income and Expenses (Sch C), click on the start or update button

[blah0626]

Thanks much. I did in fact begin a single return and was prompted through the topics as you noted but at each prompt regarding business expenses the questions seemed to referencing and applying the expenses against  the W-2 income not the 1099 income (these income streams are from two different jobs worked in the year) but, I suppose it doesn't matter what income the expenses are applied against correct?  

[blah0626]

Thanks DoninGA,

As TT prompts me through the Wages and income input and asks if I received a 1099 Misc is this entered for me onto the Schedule C? I'm going to start a new return and will go through the steps you outlined selecting "I'll choose what to work on for each of the income statements. This I did not do first time. I believe I can maneuver from there. Thank you very much.  

[VolvoGirl]

No.  Yes it matters.  You need to enter expenses for the 1099Misc on Schedule C so it will reduce your Net Profit and self employment tax.

What version do you have?  The Home & Business program or a lower version?   Home & Business has different steps.

Where to enter expenses in the Desktop Home & Business version

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-business-expenses-in-t...

Go to Federal Taxes Tab

Wages and Income

Choose Jump to Full List -or I'll choose what I work on

Then scroll way down to Business Items

Then click EDIT by the business name and the next screen should be a list of  topics,

Business Profile, Income, Inventory/Cost of Goods Sold, Expenses, Assets, and Final Details last.

Under Business Expenses, Click Start or Update by Other common business expenses.  You should see the list of expenses and amounts you entered.

Then click the start or update button by the expense you want to add or edit.