self employment income

shyboy · Post by **shyboy** » Sun Oct 04, 2009 3:48 pm

I have $4000.00 self employment income.

I want to declare that in my 2008 income tax return.

in turbo tax its asking me the address of the business, reg amount-1 fee etc, bunch of questions.

What is the quickest way to (what column #) I can just put the figure there in my tax return. don't want to claim any expense etc.

Thanks,

nelsona · Post by **nelsona** » Sun Oct 04, 2009 6:29 pm

You need to report the income as Self-employed, schedule SE, as you need to pay extra SE tax.

The software can handle it. You can't short-cut it.

shyboy · Post by **shyboy** » Sun Oct 04, 2009 6:44 pm

Thanks Nelson. I really appreciate your help.

I actually received 1099-MISC from the company, so I guess I need to declare that as Self Employment Income.

Turbo tax put that in Box 7 of Form-1099-MISC.
Thats the only thing is in that form. I see that the software also attached schedule SE as you mentioned, so I think I entered it correctly.

Thanks once again.