turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Should I check that I stopped working in Insurance Services if I am no longer actively working it but still earning residual income from it?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MarilynG1
Employee Tax Expert

Should I check that I stopped working in Insurance Services if I am no longer actively working it but still earning residual income from it?

If you are still receiving income from your insurance services, you can still enter this as Self-Employment income.  If it's reported to you on a 1099-NEC, TurboTax will put the income into that category anyway.  

 

So even if you indicate that you 'stopped working in Insurance services' you will still have business income to report on Schedule C as long as you receive income. 

 

If you receive your income by checks, you could indicate you stopped working and report the income as Miscellaneous Income, rather than Business Income. 

 

Here's more info on Closing a Business. 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies