Whether you drive for Lyft full-time or part-time, you’re now enjoying the pay, perks, and prerogatives of being self-employed—from setting your own hours to building customer relations. With the onset of tax season, you face a new business challenge:
In tax year 2020, the IRS reintroduced Form 1099-NEC for reporting independent contractor income, otherwise known as nonemployee compensation. If you’re self-employed, income you receive during the year might be reported on the 1099-NEC, but Form 1099-M
Determinewhere to report the income:The type of income you’ve received dictates where it goes on your tax return. TaxAct® makes this step easy — if you e-file with us, we’ll ask you detailed questions about your 1099-MISC income and pull all the necessary tax forms to report it ...
Even with the help of the right tax software, you’ll need to gather some information and make a few decisions before getting started filing your own returns: Work forms: You’ll need your W-2's or 1099's from your employers. You should receive W-2's from your employer in January. ...
Form W-2 is one of those tax forms that you, the taxpayer, don’t have to fill out. Your employer provides all the information on the form and mails the document to all parties. Note: You are required to attach your copy of Form W-2 to your tax return. If youe-fileusingTaxAct...
* If it is, you’ll need to export the tax return from the old software and save it as a .txf file. * Then, you’ll be able to import the .txf file into TurboTax. * Considerations: * You should also be aware that you will need to manually enter any state-specific information th...
Navigate to the homebuyer credit section: TurboTax Online/Mobile: Go to homebuyer credit. TurboTax Desktop: Search for homebuyer credit and select the Jump to link. Answer Yes, enter the date your home was purchased, and follow the onscreen instructions. We'll calculat...
Uber also provides its drivers with a third document, known as a tax summary. The Uber tax summary isn’t an official tax document. It’s simply a form that shows your 1099-MISC, 1099-K and 1099-NEC incomes on one page. It also shows selected expenses you can likel...
Common forms to look out for include: Form W-2, Wage and Tax Statement Form W-2G, Certain Gambling Winnings Form 1099-DIV, Dividends and Distributions Form 1099-INT, Interest Income Form 1099-MISC, Miscellaneous Income Form 1099-NEC, Nonemployee Compensation ...
Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freelancers) ...