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Can I still use TurboTax Self-Employed to file my taxes for both? Absolutely. TurboTax Self-Employed is the right choice for those who need to file employment income and self-employment income.
If you choose to use TurboTax Self-Employed, you will need to purchase the Self-Employed plan (for online access) or the Home & Business plan (for desktop access) in order to prepare the necessary schedules and forms such as Schedule C.
At its most basic, here is how to file self-employment taxes step-by-step.Calculate your income and expenses. That is a list of the money you've made, less the amount you've spent.Determine if you have a net profit or loss.Fill out an information return.Fill out a 1040 and other self-employment tax forms.
You'll enter this under the Federal Taxes tab (or Personal, if working in TurboTax Self-Employed/Home & Business), then select Wages & Income, then Investment Income, then Stocks, Mutual Funds, Bonds, Other. Follow the prompts to enter the 1099-B information.
Intuit recommends TurboTax Home & Business for the self-employed. It guides users through completion of Schedule C and maximizes deductions for your home office, vehicle, and other business costs. It includes a simple way to enter income and expenses. It creates W-2 and 1099 forms for your employees and contractors.