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Posted by Paul Thomas, CPA on April 17, 2008, 8:10 am
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>I have filed my taxes but I was hoping to do it myself using
> TurboTax. I ended up going to a local tax preparer. Any way, my
> problem was entering my wife's 1099 MISC, she received this income
> pretty much as a contractor on top of her current wages. The way the
> preparer ended up reporting it was in schedule C (form 1040). When
> comparing this to TurboTax, it has listed the 1099 MISC, Schedule C-
> EZ, Schedule C. Are all these necessary?
>
> Can you guys teach me how to properly report this so that next time I
> can just use TurboTax? Thanks very much!
Income from self-employment, even if not reported to the IRS via a
1099-MISC, gets reported on Schedule C for most business activities.
Schedule C-EZ is for self-employment type income with less than $5k of
expenses.
You can use either form, but you don't need both for the same business
activity.
Also, the net profits will flow to a Schedule SE.
--
Paul A. Thomas, CPA
Athens, Georgia
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