Question

If I have part-time work and received a 1099, how do I know if my expenses are worth deducting? They are minimal. The Deluxe is less expensive.

Forum|Forum|5 years ago
June 14, 2020
1 reply
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I don't know if I should use Deluxe or Self-Employed version of TTax. I have one job that is 1099. I have minimal expenses. Is it worth the upgrade?

TurboTax Online

O

Opus 17

Employee

Because self-employment income is subject to 15% self-employment tax plus your regular income tax (probably 15% federal and 5% state), every dollar of business expense that you can legitimately deduct from your self-employment income will probably save you $.35 in taxes.

Hal_Al

Employee

TurboTax also has another free product called the Free File Edition (not to be confused with the regular Free Edition). It has free Federal preparation and free State preparation. There is no efiling fee. It is not available after October 15

The Free file Edition can handle a 1099-MISC.

The Free file Edition is more fully-featured than the regular Free Edition. The Free File Edition can prepare Schedule A, C, D, E, and F that the Free Edition cannot.

For Free File Edition a user needs to meet only ONE of these qualifications:

AGI of $36,000 or less
or active duty military (including Reservists and National Guard) with a military-issued W-2 and a 2019 AGI of $69,000 or less
or eligible for the Earned Income Credit (EIC aka EITC).

The FREE FILE Edition is located at:
https://turbotax.intuit.com/taxfreedom

How to switch and start over in Free file Edition
https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-freedom-edition