Self-employment income is reported on Schedule C, and the net profit or loss is reported on IRS Schedule 1 (Form 1040), Line 12.
To enter the data in the program:
- From within your TaxAct® return (Online or Desktop), click Federal. On smaller devices, click the icon in the upper left-hand corner, then select Federal.
- Click Business Income in the Federal Quick Q&A Topics menu to expand the category and then click Business income or loss from a sole proprietorship
- Click New Copy of Federal Schedule C (Desktop users click Add) to create a new copy of the form or click Review to review a form already created
- The program will proceed with the interview questions for you to enter or review the appropriate information