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Since you would have created a Schedule C even if you had received a 1099 you are going to go back and find as many records of the payments you received from this employer. The usual culprits are check stubs and bank statements. If you deposited every check you received into a bank account the bank has practically kept your books for you. You will be able to find the Income you received which is most important in your case. If you have expenses it will be a good idea to look for those as well this can offset the income that will be reported in the 1099-MISC.
If you elect to ignore this, not report any income, and the employer decides to file 1099-Misc later this year, you will receive a letter of deficiency from the IRS. This letter will state that you did not report all of the income that you received in 2016. The Computer will make any adjustments to include this income and they will bill you for any amount owed.
To enter the information in Schedule C through TurboTax it is easy.
From this point on TurboTax will ask you questions regarding your Business. You don't have to worry, yes, in the eyes of the IRS you were in Business for yourself. When it comes time to enter Income you will select Additional Income from the list provided. This will allow you to enter ad report the income that you collected from this employer.
Below is a link to a TurboTax article on Business Income and Deductions. I hope you find it helpful.
Since you would have created a Schedule C even if you had received a 1099 you are going to go back and find as many records of the payments you received from this employer. The usual culprits are check stubs and bank statements. If you deposited every check you received into a bank account the bank has practically kept your books for you. You will be able to find the Income you received which is most important in your case. If you have expenses it will be a good idea to look for those as well this can offset the income that will be reported in the 1099-MISC.
If you elect to ignore this, not report any income, and the employer decides to file 1099-Misc later this year, you will receive a letter of deficiency from the IRS. This letter will state that you did not report all of the income that you received in 2016. The Computer will make any adjustments to include this income and they will bill you for any amount owed.
To enter the information in Schedule C through TurboTax it is easy.
From this point on TurboTax will ask you questions regarding your Business. You don't have to worry, yes, in the eyes of the IRS you were in Business for yourself. When it comes time to enter Income you will select Additional Income from the list provided. This will allow you to enter ad report the income that you collected from this employer.
Below is a link to a TurboTax article on Business Income and Deductions. I hope you find it helpful.
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