The information in this article is up to date through tax year 2019 (taxes filed in 2020).
There are several forms that can be used to report self-employed income, and they can vary, depending on your occupation. Below is a list of common IRS forms and how they are used for tax purposes.
- Schedule C: This form is used to report how much money you made or lost through your small business or self-employment. Everyone with self-employed income should complete a Schedule C.
- Schedule SE: If you are required to pay the self-employment tax, this form is used to calculate how much you owe. Most people who file a Schedule C will also need to complete this form.
- 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.
- Form 1099: This is an informational form showing that someone other than an employer paid you. There are several types of Form 1099.
- 1099-DIV: This form reports dividends and is commonly used by investors.
- 1099-G: This shows government payments. It is most often used for unemployment compensation and State and Local Income tax refunds.
- 1099-H: This is a health insurance payments form. It is most often used for advance payments of qualified health insurance.
- 1099-INT: Interest. This form is most often used by brokerage firms, banks, and mutual funds.
- 1099-K: Merchant card and third-party network payments. You may receive a 1099-K if you take payments through PayPal, Venmo, Square, etc.
- 1099-Q: Qualified education programs. Most often used for 529 Coverdell Education Savings Account.
- 1099-R: IRAs, retirement plans, and pensions. Most often used by retirees.
- 1099-S: Real estate income. Most often used by realtors.
- 1099-MISC: Income earned without a W-2, royalties and rental income. Most often used by independent contractors, freelancers, and professional services.
- 1099-A: Acquisition of secured property.
- 1099-B: Proceeds from broker exchange transactions.
- 1099-C: Cancellation of debt.
No matter which form you file, use TaxSlayer’s Self-Employed Edition for an experience that is specially tailored to your unique filing situation.