TurboTax FAQ
TurboTax FAQ
2021 people found this useful

What is Schedule C?

Schedule C, Profit or Loss from Business is an IRS form filed by sole proprietors and other self-employed taxpayers.

It tallies up the business's income and expenses, and the net income (or loss) flows from Schedule C to Form 1040, Line 12.

TurboTax automatically creates Schedule C (or Schedule C-EZ) when you enter your business information or when you enter what the IRS considers self-employment income, which is often reported on Form 1099-MISC.

On returns that only require Schedule C-EZ, TurboTax also generates a Schedule C, but this is only used for calculation purposes and isn't filed with the return.

Related Information:


GEN85327