Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 23, 2023 4:08:28 PM

Should I check that I stopped working in Insurance Services if I am no longer actively working it but still earning residual income from it?

0 1 212
1 Replies
Expert Alumni
Feb 23, 2023 4:30:52 PM

If you are still receiving income from your insurance services, you can still enter this as Self-Employment income.  If it's reported to you on a 1099-NEC, TurboTax will put the income into that category anyway.  

 

So even if you indicate that you 'stopped working in Insurance services' you will still have business income to report on Schedule C as long as you receive income. 

 

If you receive your income by checks, you could indicate you stopped working and report the income as Miscellaneous Income, rather than Business Income. 

 

Here's more info on Closing a Business.