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December 19, 2020
Question

How do i file this

  • December 19, 2020
  • 1 reply
  • 0 views

Ok I get w2 as a mechanic . I filed schedule F do to live stock an I do side work as a mechanic on farm machinery an field work . . I was laid off 2 months due to covid will get a 1099 for that . I spend allot on tools each year . how do I file this an what can be deducted 

    1 reply

    December 19, 2020

    ALL of your income must be entered on the same tax return. That will include your W-2, your 1099NEC or 1099Misc, your 1099G for unemployment compensation and any other income you received in 2020.  

     

    You will need to use online Self-Employed or any version of desktop software in order to prepare a schedule C for the business expenses you had for your work as an independent contractor.  

     

    You cannot deduct job-related expenses for your W-2 job on your federal return.  If you purchased tools etc. for the work you do as an independent contractor you enter them under your self-employment.

     

    https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

     

    https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

     

    https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

     

    https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

     

    https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

     

     

    Unemployment compensation is taxable on your federal return.  Enter your 1099G for unemployment in Federal>Wages and Income>Unemployment

     

    You might need to get your 1099G from the state’s unemployment site.

     

    STATES THAT TAX UNEMPLOYMENT BENEFITS

     

    AZ, AR, CO, CT, DE, DC, GA, HI, ID, IL, IN, IA, KS, KY, LA, MA, ME, MD, MI, MN, MS, MO, NB, NM, NY,NC, ND, OH, OK, OR, RI, SC, UT, VT, WV, WI

     

    Unemployment compensation is taxable on your federal return.  Enter your 1099G for unemployment in Federal>Wages and Income>Unemployment.  You might need to get your 1099G from the state’s unemployment site.

     

    STATES THAT DO NOT  TAX UNEMPLOYMENT BENEFITS on the state return

    AK, CA, FL, MT, NH, NJ, NV ,PA, SD, TN, TX, VA, WA, WY

     

     

    There are software versions that become available in mid-January that you may be able to use to file for free:

     

     

    If you qualify to use it, there is another full-featured free version of the software:

    Try Free File: 

    You qualify if your income was $39,000 or less, or $72,000 or less if active duty military, or if you qualify for Earned Income Credit

    https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program

     

     

    Or—-Use this IRS site for other ways to file for free

     

    https://apps.irs.gov/app/freeFile/

     

     

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**