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Saengsutthi
Level 1

W2 + Side Job - Does TurboTax do Both?

Hi Everyone!

 

I want to start a side job and would be self employed, however I also have a full time job working for an employer. 

 

I did some research and found out I would need to fill out a Sch C and Sch SE form for the self employed side job.

 

My question is, can I use TurboTax to file both my W2 and my Sch C / Sch SE in one go? 

 

Thanks for your help!

1 Best answer

Accepted Solutions
tagteam
Level 15

W2 + Side Job - Does TurboTax do Both?


@Saengsutthi wrote:

So now my question is, will I need to use both TurboTax (let's say Deluxe) to file my regular W2, and then use TurboTax Self-Employed for my side job? 


No. You can use Self-Employed for both. 

View solution in original post

5 Replies
tagteam
Level 15

W2 + Side Job - Does TurboTax do Both?


@Saengsutthi wrote:

My question is, can I use TurboTax to file both my W2 and my Sch C / Sch SE in one go? 


Yes, you can, but you will need to use TurboTax Self-Employed if you are planning to use an online product.

 

Note that you can use most any TurboTax desktop (Installed on a computer) product.

Saengsutthi
Level 1

W2 + Side Job - Does TurboTax do Both?

Great! Thank you for your reply.

 

So now my question is, will I need to use both TurboTax (let's say Deluxe) to file my regular W2, and then use TurboTax Self-Employed for my side job? 

 

I have been using TurboTax for maybe 5+ years now and the self employed part is new to me, so I definitely appreciate you. 

 

rjs
Level 15
Level 15

W2 + Side Job - Does TurboTax do Both?


@Saengsutthi wrote:

So now my question is, will I need to use both TurboTax (let's say Deluxe) to file my regular W2, and then use TurboTax Self-Employed for my side job? 


No. You have to report all your income on one tax return. You enter your W-2 and your self-employment in TurboTax Self-Employed.

 

tagteam
Level 15

W2 + Side Job - Does TurboTax do Both?


@Saengsutthi wrote:

So now my question is, will I need to use both TurboTax (let's say Deluxe) to file my regular W2, and then use TurboTax Self-Employed for my side job? 


No. You can use Self-Employed for both. 

Critter-3
Level 15

W2 + Side Job - Does TurboTax do Both?

If you are a single member LLC that has NOT incorporated then for tax purposes your business is a disregarded entity and you report your self-employment income and expenses on a Schedule C.  The Schedule C is included with and is part of your personal tax return Form 1040.

 

If you choose to use the TurboTax desktop CD/Download editions, then any edition can be used but the Home & Business edition is recommended - https://turbotax.intuit.com/personal-taxes/cd-download/

 

If you choose to use the TurboTax online editions and are reporting business expenses then you must use the Self-Employed edition - https://turbotax.intuit.com/personal-taxes/online/

 

However, if you did incorporate your business to either an S Corporation or a C Corporation then you must use the TurboTax Business Edition for your business tax return - https://turbotax.intuit.com/small-business-taxes/

The Business Edition can only be installed on a Windows based personal computer and the Business Edition cannot be used to complete a personal tax return, Form 1040.

 

 

If you are new to being self employed and  are acting as your own bookkeeper and tax preparer you need to educated yourself....  

If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income.  So you need to keep your own good records. Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center 

Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf 

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf 

Home Office Expenses … Business Use of the Home

https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

https://www.irs.gov/pub/irs-pdf/p587.pdf

                            

There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Home & Business return and will help you keep up in your bookkeeping all year along with calculating the estimated payments needed ....
http://quickbooks.intuit.com/self-employed


Self Employment tax (Scheduled SE) is generated if a person has $400 or more of net profit from self-employment on Schedule C.  You pay 15.3% for 2017 SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 57.  The SE tax is in addition to your regular income tax on the net profit.
 


PAYING ESTIMATES
For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% for 2017  SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.

You must make quarterly estimated tax payments for the current tax year (or next year) if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits. 
 
- 2. You expect your withholding and credits to be less than the smaller of: 
    90% of the tax to be shown on your current year’s tax return, or 
  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

To prepare estimates for next year, You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

OR Go to….
Federal Taxes or Personal (H&B version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

 

 

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