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Thread: Turbo Tax-business income?

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    Featured Member Starfire's Avatar
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    Default Turbo Tax-business income?

    I"m using turbo tax to do my taxes this year and I have a few questions. I've been paying estimated taxes all year, and I'm an indep contractor, so I didn't get a w-2. I also didn't get a 1099. Is the correct place to declare my income under "business income"? They have categories for entertainers. Also, when it asks for business adress, am I required to put the adress of my club? I mean, it's not MY business, per se. Thanks.

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    Banned Melonie's Avatar
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    Default Re: Turbo Tax-business income?

    The proper place to declare your business income and business expenses is on IRS Schedule C 'Profit or Loss from a Business'. The 'business income' line on the 1040 form gets filled in from the final value you wind up with after first filling out everything on Schedule C. In order to get the Schedule C capability you need Turbo-Tax Premier.

    When you list your business address, do NOT list the address of the club you're working at (unless you live upstairs from the club, or unless you are a partner in the club's ownership LOL), list your own address. As far as which occupation code to list on Schedule C, I use 711510 but that's not the only option.

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