What is Schedule C?
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.
- Does a 1099-MISC mean I'm self-employed?
- How do I delete a prior-year Schedule C business that transferred over?