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April 10, 2020
Question

1099 Misc

  • April 10, 2020
  • 1 reply
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I worked as a official for basketball and baseball and received a 1099 misc.   Why is TurboTax requiring me to list both as a personal income and a new business as Sch C.  Never happened like this before

    1 reply

    Employee
    April 10, 2020

    Then you may have been filing your taxes incorrectly in the past.  If you are acting as an independent contractor, then you are considered self-employed, and you must report your self-employment income on schedule C. You can also deduct work related expenses. The net profit after expenses flows to the regular 1040 where is combined with your other income, deductions, and credits, to calculate your final tax bill.

     

    if this is something you did one time, then you might get away with calling it miscellaneous other income and not treating it as self-employment.  But if this is an ongoing activity, then the IRS will treat it as self-employment business income.