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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:

  1. 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.
  2. 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
  3. 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 
  4. The program will proceed with the interview questions for you to enter or review the appropriate information

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