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Old 03-04-2019, 05:11 PM
 
Location: SoCal
12,979 posts, read 6,205,029 times
Reputation: 9548

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Quote:
Originally Posted by Aredhel View Post
I'm still waiting for my employer to issue a 1095C. Once that's done, everything's ready to go off to my accountant.
I donít think you need this anymore, unless something special. Even if you google the IRS site states not to send in the form. My daughter asked me this yesterday and I said you donít have to submit it anymore.
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Old 03-05-2019, 07:02 AM
 
Location: Chicago area
8,753 posts, read 13,221,232 times
Reputation: 15856
I finished mine last weekend on Freetaxusa. I decided to pay the $13 for state as I didn't feel like entering all that crap over on the free Illinois DOR website. I am pretty impressed with it. Overall simple, powerful, and very affordable. Will return next year.
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Old 03-05-2019, 12:21 PM
 
1,167 posts, read 1,129,764 times
Reputation: 975
Quote:
Originally Posted by TaxPhd View Post
Without a Schedule C, you will just be including the amount as "Other Income" and you will be taxed on 100% of that income. A Schedule C will allow you to deduct any expenses associated with that income. Why wouldn't you want to do that?
Because I don't have any expenses associated with the income. It's payment for proctoring exams.
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Old 03-07-2019, 05:21 AM
 
Location: Censorshipville...
2,681 posts, read 6,240,850 times
Reputation: 1544
Just got my Federal return direct deposited. I submitted on 2/26 and it arrived yesterday 3/6. 9 Days. That's quick!
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Old 03-07-2019, 06:04 AM
 
Location: Wooster, Ohio
1,026 posts, read 778,365 times
Reputation: 1479
I mailed my federal, state, and school district taxes on 2/14, and mailed my mother's federal and state taxes on 3/6.
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Old 03-07-2019, 05:28 PM
 
5,403 posts, read 6,876,595 times
Reputation: 4114
Self employed . Income up 4k, total tax due 3k less thanks to Qualified Business Income Deduction included in the new tax law. Effective tax rate down from 47 to 41 percent. Live in high cost NY
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Old 03-08-2019, 07:41 AM
 
Location: Charleston, SC
1,353 posts, read 755,552 times
Reputation: 2428
Quote:
Originally Posted by NSHL10 View Post
Self employed . Income up 4k, total tax due 3k less thanks to Qualified Business Income Deduction included in the new tax law. Effective tax rate down from 47 to 41 percent. Live in high cost NY
Quick Question -- What determines if your Self Employment is "Qualified Income" ??
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Old 03-08-2019, 01:50 PM
 
5,403 posts, read 6,876,595 times
Reputation: 4114
Quote:
Originally Posted by FiveLoaves View Post
Quick Question -- What determines if your Self Employment is "Qualified Income" ??
For me it was Sole proprietorship or 1099 income. Income limitations for service jobs like Doctor or lawyer are present. Basically it tried to level the field between corporations and proprietorships tax deduction wise. Sole proprietors took most deductions on page 1 of 1040 Form so the business income stayed higher on Schedlue c form, so you paid higher FICA taxes than corporations.
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Old 03-10-2019, 02:46 PM
 
Location: Charleston, SC
1,353 posts, read 755,552 times
Reputation: 2428
Quote:
Originally Posted by NSHL10 View Post
For me it was Sole proprietorship or 1099 income. Income limitations for service jobs like Doctor or lawyer are present. Basically it tried to level the field between corporations and proprietorships tax deduction wise. Sole proprietors took most deductions on page 1 of 1040 Form so the business income stayed higher on Schedlue c form, so you paid higher FICA taxes than corporations.
Thanks, I'm going to look into that. I just got Turbo Tax Deluxe this weekend and I'm entering 1099-MISC Income today.

Is TT Deluxe savvy enough to ask the right questions about this 1099 Income ??
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Old 03-11-2019, 07:21 AM
 
Location: Charleston, SC
1,353 posts, read 755,552 times
Reputation: 2428
If I correctly read the Turbo Tax website -- this is a straight 20% deduction on just about all 10099-Misc Income. That would be a big help to my situation....God Bless America !!

Would that deduction reduce our Income level for ACA benefits ??
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