Question

Should I check that I stopped working in Insurance Services if I am no longer actively working it but still earning residual income from it?

Forum|Forum|3 years ago
February 24, 2023
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TurboTax Self Employed Online

If you are still receiving income from your insurance services, you can still enter this as Self-Employment income. If it's reported to you on a 1099-NEC, TurboTax will put the income into that category anyway.

So even if you indicate that you 'stopped working in Insurance services' you will still have business income to report on Schedule C as long as you receive income.

If you receive your income by checks, you could indicate you stopped working and report the income as Miscellaneous Income, rather than Business Income.

Here's more info on Closing a Business.