TurboTax 2022 Form 1040 - Schedule C Tutorial

[@thesillyquestions]

Thank you! Thank you thank you!

[@JasonDKnott]

You're welcome. Glad it was helpful!

[@danieldesimone6918]

What turbo tax version was used here? Deluxe or home business. The reason I ask is, I’m seeing conflicting reports that if you use deluxe version you can report income that cannot itemize deductions.

[@Team8LA]

Super helpful, thank you!. When paying self employment tax, how about the estimated tax?

[@kseemiller6939]

Thanks so much, this was super helpful. A couple of questions for you, though - I have an eBay business, as well as an LLC for my rental property. That said, I presume I would complete two schedule C's, one for each business. Since the rental property is considered pass through income, self employment tax does not apply. Where on the schedule C does it account for that so I am not being taxed for that? Also, which version Turbo Tax software did you use for this video? Was it the Deluxe, Premier, or Home and Business?

[@iamwright]

great

[@zumbatan550]

Can I use Turbotax Deluxe to prepare this simple tax form?

[@TachibanaTengoku]

Is this how I'd file my taxes as a small business in Florida as well? This is my first year filing as a business so not sure if I can do it like this haha, would be nice to save a couple hundred dollars, and the due date is real soon. I have a 2 member LLC, but we do not pull wages from the company, I run it in my free time. It's not a hobby, but I just put all the money back and reinvest into more inventory.

[@MasterScreenPrints]

Can you do schedule c on turbo tax or can you do it manually?

[@RIJSA]

very nice info! thanks!

[@JasonDKnott]

Glad it was helpful!

[@1983bigfrank]

Quick question if you may respond TurboTax Uber I had 1099 K and Lyft I only had a summary which it imported everything over when I finished up and doing a review it prompt me about a Schedule C miscellaneous expense and it will not let me move on am I putting the information that has already been reported in this blank or what because I have nothing else to report that has not already been included in the beginning

[@wildorchid4088]

Hi! Thank you for sharing 😊 I normally use turbotax for my 1040 W2 for my job as an employee. I did my side gig 2022 for 4 months only and return back to my regular job. I receive 1099NEC for food deliveries. I have to file form 1040 schedule c. Do I need 2nd form 1040 for my regular job to file together? I'm confused. Do I choose 2 different category on turbotax? Need advice please. Thank you!

[@halalaffirmations]

Thank you so much for doing this. After all of this, it asked me about a tax break even though I selected the standard deductions? Do I add estimated tax payments made by Amazon (sales tax)?

[@hamidkazemi4518]

Do you have a tutorial for an only 1099-nec receipient as source of income

[@navin4313]

Stop asking right? right? right?

[@andrewsavage7956]

Great info! Quick question: What if my self-employment income is BELOW the minimum threshold to receive a 1099-K? I manually added up my income, but without a 1099-K, I'm not sure how to input it into TurboTax. Any help would be appreciated!

[@looolstudios262]

i have the same question, any answer?

[@leviticuslepper4891]

So l sold some stuff on Mercari. Partially it was a part of my e-seller business (side hustle) but in the same app i sold lot of my personal items. There was no 1099k from Mercari last year because irs postponed that $600 margin. I do have my sales report from Mercari but everything in it is all together. So how should I separate both sales options?

[@cardboardcountdown]

Super helpful! Any idea how you input returns and allowances on line 2 (i.e. E commerce returns since gross includes returns). Am I missing it?

[@barbaracaranto8560]

Did you ever find the answer to this? I have the same question.

[@cardboardcountdown]

@@barbaracaranto8560 there is a separate line for returns in TT software under the entry lines for Shipping Supplies, and Fees.

[@salvadorpacheco5160]

What if sold through Shopify but I didn’t receive form 1099-k ??

[@deepakpanigrahy348]

Thank you for such training sir..

[@JasonDKnott]

you're welcome!

[@antoinewilliams6600]

Can you still get self-sick credit on your 2020 taxes if you have not file it yet

[@1983bigfrank]

😮 great question I was curious about that myself because they never said anything else about that even after covered with still running ramp it and people are still getting sick I missed about a month altogether

[@coolchoicebro]

What if you don't have the business digits

[@a.colleenfray2138]

I filled a schedule C last year without business digits (lc #). I’m worried though if I can do that this year since the irs is going to be more scrutinized on folks….. guess I’ll find out

[@coolchoicebro]

@@a.colleenfray2138 did u just not put it in

[@a.colleenfray2138]

No I did not. Plan on doing it again.

[@JasonDKnott]

If you have a sole proprietorship, you do not necessarily need an EIN. If you have a single member LLC with an EIN, you can list the EIN. It is quite common for unincorporated businesses to not have a business EIN.

[@coolchoicebro]

@@JasonDKnott Thank u, I was wondering why the taxes kept getting rejected and it's the for for insurance throughout the year

[@thesillyquestions]

I am john lol