Skip to main content
March 23, 2022
Question

Retired but get monthly residuals I travel and work to keep existing customers-how is it reported?

  • March 23, 2022
  • 1 reply
  • 0 views
No text available

1 reply

March 23, 2022

If you don't get a W-2 and you're an independent contractor, you're self-employed. Enter your residual income and expenses on Form 1040, Schedule C. Please see Where do I enter Schedule C? To enter your business expenses, click here.

 

If you're an employee (W-2), the unreimbursed employee expenses deduction has been suspended in tax years 2018 through 2025. Travel or car expenses are not deductible for 2021.

  • There are some exceptions where you can still use Form 2106 through tax year 2025, including if you were an Armed Forces reservist, qualified performing artist, fee-basis state or local government official, or an employee with impairment-related work expenses. 

State taxes: Job-related expenses might be deductible in your state even if they’re not deductible on your federal return. You can enter your expenses as below and we’ll figure out if you can deduct them.

 

To enter your job-related employee expenses? (Form 2106), click here.

 

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"