Tax Year Prior to 2020: 1099-MISC - Schedule C

[CatinaT1]

What sort of issue are you having exactly?  You would need to file a Schedule C for your DoorDash income.  This is considered self-employment income.

You would need to file a Schedule C and pay SE taxes.  You may also enter any expenses related to your work to reduce your income.

To file a Schedule C, here are the steps:

1. Sign in to your account and select Pick up where you left off
2. At the right upper corner, in the search box, type in schedule C and Enter 
3. Select Jump to schedule C 
4. Follow prompts, you might be prompted to an upgrade if you have expenses

[vroom]

I got a free stock from Robinhood Securities and this got counted under the 1099-MISC form.

Now, at Smart Check I am being asked to fill Schedule C info, but none of those fields are available in the 1099 consolidated form I received with this one entry for 1099-MISC. Fields such as Business Address, Accounting Method, Material Participation, etc are nowhere mentioned on my 1099 doc. The only relevant item I can see is Transaction Type = 'Other Income'.

Kindly help on this.

[MinhT1]

@vroom

If you receive a form 1099-MISC for a free stock, then you are not considered as self-employed and do not need to file a Schedule C.

In TurboTax, enter your form 1099-MISC and follow the interview until you arrive at the page titled Did this involve an intent to earn money?. Answer that this did not involve an intent to earn money. The amount will be reported as Miscellaneous income and will not be subject to Self-employment tax.

In TurboTax, there is a work-around. Although you may receive this income every year, say that you only receive the 1099-MISC only in 2019, not in previous years and not in 2020, you will then have the screen where you can say that it did not involve an intent to earn money.

[jgpena4040]

why does your  system say that I own the company I work for if they pay me with a 1099mis

[VolvoGirl]

Because you do.  Yes you are the owner of your own self employment business.  You are in business for yourself.  Use your own info.  The people or company that pays you is your customer or client.  You need to fill out schedule C for self employment business income.  You are considered to have your own business for it.  YOU are the business.

[lalsamaraiy]

What if the 1099-MISC is to report a settlement from a class action lawsuit? I understand it should be counted as income but not as a business.

thank you,

Lisa

[JohnW152]

It’s reportable as income, but generally not subject to self-employment tax rules.

With TurboTax Online open, 

1. Click the Pick up where you left off button, if it’s present.
2. Let the whole page load.
3. Click the Search box at the top of the screen.
4. Type form 1099-misc in the search box.
5. Click Jump to form 1099-misc.
6. Click Edit or Add.
7. On the Let's get the info from your 1099-MISC page, enter your information.  The settlement is probably in box 3 of the form.
8. On the Describe the reason for this 1099-MISC page, enter Lawsuit Settlement.
9. On the Does one of these uncommon situations apply? page, click the button next to This was money from a lawsuit settlement, and answer Yes or No to Was any part of the lawsuit settlement for back wages?. 

[phoebe4]

I received a 1099 misc for a payment my employer made to my student loan. TT is showing this on schedule C as business income. I don not have a business.  Why is this not shown on Schedule 1 as other income as in prior years.

[KathrynG3]

It depends on where it is entered whether it will be sorted to Other Income or to Schedule C to be subject to self-employment tax.

Keep in mind that the first $5,250 of student loan repayment is not taxed. However, for excess amounts, it must be included in your Form W-2 from the employer unless it is considered a working condition fringe benefit. Please review these rules to determine if your Form W-2 must be corrected. See: IRS Publication 970 Tax Benefits for Education, page 67, column 2.

If you qualify to proceed with Form 1099-MISC, return to the original entry and review your answers in the interview.

To do this in TurboTax, follow these steps:

• From inside your program, go to the search bar and enter 1099misc.
• Select the Jump to link in the search results.
• At 1099-MISC Summary, select the Edit pencil icon next to the employer provided 1099-MISC for your student loan reimbursement.
• Review the information and follow up questions. Student loan reimbursement is not work like your main job. Even if the payments are ongoing, that would not necessarily pertain to this Form 1099-MISC which was received solely in 2020.

For more information, see: What Is the IRS Form 1099-MISC? - TurboTax Tax Tips & Videos

[fc73]

can i talk to someone on the phone I cant find where to fine the 1099-misc form. this was a against my employer 

my number is [phone number removed]

name Frank Consulo 

[KathrynG3]

Yes, to contact TurboTax, see: What is the TurboTax phone number?

To enter Form 1099-MISC, in general, follow these steps: 

• Inside your TurboTax program, enter 1099misc in the search box and
• Select the Jump to link in the search results.

This will take you to the interview for Form 1099-MISC entered as Other Common Income.

However, if this is a Legal Settlement and taxable, be sure to describe the reason as Lawsuit Settlement and select This was money from a lawsuit settlement on the page entitled: Does one of these uncommon situations apply?

For more details, see: Are legal settlements taxable?

Where do I enter an award from a taxable legal settlement?

Where do I enter a 1099-MISC?

If this involves reporting back pay, see: About Publication 957, Reporting Back Pay and Special Wage Payments to the Social Security Administr....

[Bryan1971]

I need to know what I got to do I filed my taxes for 2020 with  IRS e-file through you guys as independent contractor it did not give me the option to fill out the schedule C form just like it didn't make me fill out the forms for my recovery rebate check I just had dad put in what I missed now I can't get my PPP long Because they want a copy of my schedule C because I'm independent contractor So I need someone to help me please

[AmyC]

@Bryan1971 As an independent contractor, the program would have asked you questions about your business and income. If not, you may need to amend your tax return to correctly report your income and Self-Employment taxes, Medicare and Social Security.

• When you amend your return, it will generate the sch C for you to get the PPP. You can do the amend now, and file the amend later.
• The recovery rebate credit was asked during the federal review section.  
• You definitely want to save a copy of your original return before changing anything.

Once your original return is accepted and the finances are settled, you can file an amended return. 

• Save a copy of the original return before doing an amended return. See: 
  • how to file an amended return.
  • I need to amend my state return.
  • Can I e-file my amended state return?
  • Can I e-file my 1040X to amend my return?
• Pay additional tax. Taxpayers who will owe more tax should file Form 1040-X and pay the tax as soon as possible to avoid penalties and interest. They should consider using IRS Direct Pay to pay any tax directly from a checking or savings account for free.
• Use separate forms if amending more than one tax year.
  • Each year on its own form
  • Each year in its own envelope
• Track amended return status online. Taxpayers can track the status of their amended tax return in English and Spanish using Where’s My Amended Return?  Amended returns take up to 16 weeks to process and up to three weeks from the date of mailing to show up in the system.

Related:

Small Business and Self-Employed Tax Center - complete guide

[TABobak]

Your discussion is around a 1099-MISC.    Would your Response/Actions be the same for those who receive a 1099-NEC...., that is;  For those that just did some one-time work / brief temporary work for a company, that the action that needs to be taken is to fill in the name and address of myself and the business and continue filling out the form as if I were a business????

[Cynthiad66]

Yes.  Whether you consider it a business or not, is irrelevant.  You received a Form 1099-NEC you are working as an independent contractor and that is considered Self-Employment.  Associate the form 1099-NEC with the Schedule C then you can deduct any relating expenses.  Now you do not need a separate Schedule C for each form 1099-NEC it can be combined to report all of your self employment income including income where you did not receive a form 1099.