Self-employment income is reported on Schedule C (Form 1040) Profit or Loss From Business, and the net profit or loss is reported on Schedule 1 (Form 1040) Additional Income and Adjustments to Income, Line 3.
To enter the data in the program:
- From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
- Click Business Income in the Federal Quick Q&A Topics menu to expand, then click Business income or loss from a sole proprietorship.
- Click + Add Schedule C to create a new copy of the form or click Edit to review a form already created.
- Continue with the interview process to enter all of the appropriate information.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.