Self-Employment Tax Forms

self employment tax forms

Whether you’re a small business owner or an independent contractor, being self-employed is great – but it can also make filing your taxes more complicated. There are several forms that can be used to report self-employed income, and they can vary depending on your occupation. 

  1. Schedule C: Fill out all five parts of this form to report how much money you made or lost in your business. Even though this form talks about personal business, everyone with self-employed income needs to complete this form.  
  2. Schedule SE: If you are required to pay the self-employment tax, fill out this form to calculate how much you owe. Most people who file a Schedule C will also need to complete this form. 
  3. Schedule K1: If you invest in things like rental property, you receive this form. It shows the breakdown of the income you receive from these investments. 
  4. Form 1099: An informational form showing that someone other than an employer paid you. There are several types of Form 1099. 
  5. 1099-DIV: Dividends. Most often used by investors. 
  6. 1099-G: Government payments. Most often used for unemployment compensation and State and Local Income tax refunds. 
  7. 1099-H: Health insurance payments. Most often used for advance payments of qualified health insurance. 
  8. 1099-INT: Interest. Most often used by brokerage firms, banks, and mutual funds. 
  9. 1099-K: Merchant card and third-party network payments. Most often used by rideshare drivers. 
  10. 1099-Q: Qualified education programs. Most often used for 529 Coverdell Education Savings Account. 
  11. 1099-R: IRAs, retirement plans, and pensions. Most often used by retirees. 
  12. 1099-S: Real estate income. Most often used by realtors. 
  13. 1099-MISCIncome earned without a W-2, royalties and rental income. Most often used by independent contractors, freelancers, and professional services. 
  14. 1099-A: Acquisition of secured property.  
  15. 1099-B: Proceeds from broker exchange transactions.  
  16. 1099-C: Cancellation of debt.

No matter which form you file with, use TaxSlayer’s Self-Employed Edition to get access to a self-employed tax pro and an exclusive self-employed guide. E-file today!

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