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Level 1

What to enter for annual W2 income in the tax profile for self employed?

Hello I'm looking to setup my tax profile for turbo tax self employed app. Currently I'm a 1099 contractor, own my own business and worked as a W2 employee for the beginning of 2018. 

As I'm creating my profile it asks for annual W2 income. (See attached photo). 

Would this be what I made as a W2 employee for 2018? Also would this be income before taxes, retirement and other desuctions from my pay?

Thank You,

Christina

1 Reply
Level 2

What to enter for annual W2 income in the tax profile for self employed?

If you did not have any W-2 income during the year 2017, then do not enter any W-2 information into your 2017 tax return that you are currently completing.  

Next year, when filing your 2018 taxes, you can add that you also then have W-2 income and can enter the income for your 2018 W-2 job.  You will receive a W-2 form from your employer in early 2019 and the data should be entered exactly as reported by your employer on the W-2.

If you are not creating a return for 2017 using the TurboTax app, then you can certainly enter all of your 2018 set up information, including your W-2 employer so it is set for filing taxes in early 2019.