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March 13, 2023
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self employment puts in automatic minus amount

  • March 13, 2023
  • 1 reply
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my self employment has an automatic minus, example -$1500, already in place.  example what if I made over $4,000 in cash or 1099?

    Best answer by BrittanyS

    Self-employment is calculated by your gross earnings minus your business expenses. If your expenses exceed your earnings, you will show a loss on your return, which will reflect a negative number.  You will enter self-employment income and expenses in TurboTax by following these steps:  

     

    1. Click Wage and Income
    2. Scroll down to self-employment, click show more
    3. Click revisit/start next to self-employment income and expenses
    4. Click Add another line of work
    5. Follow the remaining interview questions to input self-employment income

    For more information on Self-employment income, see the link below:

     

    Self-employment Income

     

    @txkpt 

    1 reply

    BrittanySAnswer
    March 13, 2023

    Self-employment is calculated by your gross earnings minus your business expenses. If your expenses exceed your earnings, you will show a loss on your return, which will reflect a negative number.  You will enter self-employment income and expenses in TurboTax by following these steps:  

     

    1. Click Wage and Income
    2. Scroll down to self-employment, click show more
    3. Click revisit/start next to self-employment income and expenses
    4. Click Add another line of work
    5. Follow the remaining interview questions to input self-employment income

    For more information on Self-employment income, see the link below:

     

    Self-employment Income

     

    @txkpt 

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