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I am self employed where do i enter my income. i didmt fill out any forms?

  • Is scedule C the same as 1099 Misc forms
  • Not exactly.  You will get a 1099Misc if someone pays you $600 or more and you need to give out a 1099Misc if you pay someone else $600 or more.  

    Schedule C is the form in your 1040 return you fill out for self employment income and expenses.  You prepare the schedule C by entering your self employment income from any 1099Misc you get and any income you didn't get a 1099 for.
  • I've added on extra questions regarding this feed, but think I asked too far down the feed for it to make sense, so I'll add here, since it's the most recent. Here is my question:
    I've done as you're saying, in regards to starting with any paid version (and even the least paid version) to TurboTax and going straight to the Sched. C, entered in my name and SSN, but after getting about half way through filing my taxes, TurboTax ends up asking/telling me that I need to upgrade to the Home and Business version due to this, is this not what it should be doing? I run a "daycare" from my home, have no business license as it's only my niece that I watch, and my sister pays me with cash. I don't claim any expenses or anything because I don't keep records and it wouldn't really be worth it in my case, since I'm just taking care of one child. Am I doing this the "hard", more expensive way? I'm just following TurboTaxes lead and answering its questions...?

For Home & Business to enter Schedule C (self employment):

- Business tab

- Business Income & Expenses

Here is a screenshot: http://screencast.com/t/Q6jwgQuS3M

 

 

 

Other versions to enter your information for Schedule C

- Federal Taxes

- Wages & Income

- Explore on My Own

- under Business Items

- Business Income and Expenses (Sch C) – click Start or Update

  • But i didnt fill out any 1099?
  • If you did not receive your 1099 form yet it is mailed out by January 31st.  If you are not getting a 1099 form you should have your own records, expenses that you can enter in your return.

    OR:  Do you mean you need to send out 1099 forms?  Home & Business -  to Prepare W2s or 1099s, go to Start a New Return or File-New Return. Then on the next screen it asks What would you like to do?

    Check the circle that says Prepare W-2s and 1099s for my employees or contractors.
    then that will expand and give you a choice to prepare them online or on your computer. See this for more info…..
    http://turbotax.intuit.com/support/iq/W-2---1099-Reporter/About-Quick-Employer-Forms/GEN12023.html

    Quick Employer Forms FAQs
    https://quickemployerforms.intuit.com/faq.htm
  • Do I need these? Im the only one working and I deal w only cash?
  • No, you just enter your information from your records (income, expenses etc).
  • Thanks you!
  • your welcome
  • It kind of depends, actually. It depends on what type of business it is. In my case, I run a "daycare", but it's only my niece and I don't have a business license. There is a special place to notate exactly what it is you do for self-employment, and if it is daycare, things are a little tricky, but thanks to TurboTax all these years, I haven't had any problems because it does it all for me upon my just answering its questions! So, if you don't have a W-2 or any other forms, do this by telling TurboTax when you begin to answer questions that you don't, and it will eventually ask you what your business type is and all the rest it does automatically for you. I can't recall the actual form numbers it fills out for me, but I know that I have to choose the option for Home and Business Taxes for $79.99 when I first begin. I know that was kind of confusing, but I hope it helped at least a little?
Just to add you don't need the more expensive Home & Business version to enter your self employment, any paid version would handle Schedule C.  If you want to go to a lower version you can start over in that version & create a new account (new UserID) if you have already create an account in the Home & Business version.  You can use Basic or above
http://turbotax.intuit.com/personal-taxes/

To enter your self employment for Basic, Deluxe or Premier

- Federal Taxes tab

- Wages & Income

- Explore on My Own

- under Business Items

- Business Income and Expenses (Sch C) – click Start or Update

 

You can use your name, SSN or if you have one use your Business name and EIN & use your own records for expenses.

  • What if i dnt have 1099 misc nd i clean houses what do i do
  • You need to report all your income even if you don't get a 1099Misc. You use your own records.  You are considered self employed and have to fill out a schedule C for business income.  Enter it under…..
     Federal Taxes Tab
    Wages & Income
    Choose Explore on my own (if it comes up)
    Then scroll way down to Business Items
    Business Income and Expenses - Click the Start or Update button

    You use your own name and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all  income is at risk.  After you put in your income and expenses  if your net profit is $400 or more you will pay 13.3% for 2012  Self Employment tax in addition to your regular income tax.  The Schedule SE will be automatically filled out for it.

    After it asks if you received any 1099Misc it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records.  Just go through the interview and answer the questions.   Then you will enter your expenses.
  • WHERE DO YOU ENTER IT THOUGH CAUSE WHEN YOU CLICK ON IT IT GIVES YOU 1099-MISC INCOME, GENERAL INCOME, OTHER INCOMEAND INCOME YOU GAVE BACK AND IF YOU DONT HAVE A 1099 OR ANY OTHER FORM UNDER WHICH ONE OF THOSE DO YOU ENTER YOUR NET AND GROSS INCOME
  • No 1099 is General Income.
  • so if i am claiming my son and i braided hair last year from my home what step by step action should I take to claim my income do i use the general income?
  • bluedeb: I've done as you're saying, in regards to starting with any paid version to TurboTax and going straight to the Sched. C, entered in my name and SSN, but after getting about half way through filing my taxes, TurboTax ends up asking/telling me that I need to upgrade to the Home and Business version due to this, is this not what it should be doing? I run a "daycare" from my home, have no business license as it's only my niece that I watch, and my sister pays me with cash. I don't claim any expenses or anything because I don't keep records and it wouldn't really be worth it in my case, since I'm just taking care of one child. Am I doing this the "hard", more expensive way? I'm just following TurboTaxes lead and answering its questions...?
If I am self employed and I'm also perparing my personal taxes do I transfer my business income over to the personal side
  • No you enter it all into 1 program and 1 return.  Your personal return includes the schedule C for self employment.  Only enter the business in one place.

    You need to report all your income even if you don't get a 1099Misc. You use your own records.  You are considered self employed and have to fill out a schedule C for business income.  Enter it under
    Federal Taxes Tab
    Wages & Income
    Choose Explore on my own (if it comes up)
    Then scroll way down to Business Items

    Business Income and Expenses - Click the Start or Update button

    You use your own name and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all  income is at risk.  After you put in your income and expenses  if your net profit is $400 or more you will pay 13.3% for 2012  Self Employment tax in addition to your regular income tax.  The Schedule SE will be automatically filled out for it.

    After it asks if you received any 1099Misc it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records.  Just go through the interview and answer the questions.   Then you will enter your expenses.