I received a 1099-MISC ($180K for consulting)

Forum|Forum|5 years ago
May 29, 2021
1 reply
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1) This is my 1st year as consultant.
2) Unfortunately my accountant does not use Turbotax (TT)

TurboTax Live Self Employed

fanfare

Level 15

what is your question?

an accountant ( paid preparer) cannot use Turbotax, it is only for individual returns that you choose to do yourself.

rtc1Author

Level 2

After I entered the 1099-MISC and the estimated tax payments (which included the estimated Social Security and Medicare taxes) into Turbotax (TT), line 8a of Schedule SE is showing $0. My accountant thinks it should be > $132,900. Reading the info for line 8a, since I received a 1099-MISC and not a W-2 as a consultant, not sure how I can make the figure go beyond $0. The estimated tax payment is captured on Schedule 3 line 8 & 14 as one lump sum. Am I entering the info correctly?

Critter-3

Level 15

Unfortunately I'm using the 2019 online version of TT so there is no FORMS. The Schedule C as is does capture the consultant income and the W-2 are properly assigned to my spouse and I individually.

Could the problem lie in that I have both W-2 and 1099-MISC non-employment income, so that on line 8a of Schedule SE, the W-2 income overrides the 1099-MISC income somehow?

Ok ... you cannot possibly be using the ONLINE version for any 2019 return ... you must be using the downloaded version installed on your return. If you are using the online version for a 2019 return then STOP ... the online program is only for the 2020 tax year.