Question

What is schedule c form 1040? How do I fill this form out and find the relevant information it is asking for?

Forum|Forum|2 years ago
April 4, 2024
1 reply
0 views

I have to file two form 1099-necs this year (on top of a W2), I only have experience filling with a W2 previously.

Everything seemed straight forward, it retrieved my w2, and i entered my 1099s, but at the end of the federal section where it asked me to review some information and took me to "Schedule C (Form 1040) and asked for me to check a bunch of entries.

I am completely lost at this point and don't understand most of the questions its asking in the entries. It almost seems like the questions are framed for someone who runs a business. But I don't, I just got paid for my labor and got a 1099.

TurboTax Deluxe Online

DawnC

You are considered self-employed for that income you received on the 1099s. So, TurboTax created a Schedule C. You can use your name for the business, your home address, and you don't need an EIN. You can answer NO to the employee or contractor payments you made. If both 1099s are for the same kind of work/labor, they go on the same Schedule C - - don't create a Schedule C for each 1099. You could do work for 10 different people and get 10 different 1099s, they go on the same Schedule C if they are all for the same type of work.

You are the business owner for tax purposes. You can deduct expenses on Schedule C to lower your taxes or increase your refund. I left some helpful information linked below.

How does being self-employed affects my taxes?

Where do I enter my expenses for my 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"