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Newbie Discussion / Do I have to file Schedule C for income from microstock?
« on: March 23, 2024, 15:20 »
Question for contributors in the US.
When filing taxes to IRS is this a legal way -> form 1040 -> Schedule 1 (line 6 royalties) + Schedule E (income line 4 royalties)?
All my 1099MISC forms do say Royalties box 4.
I want to simplify things, and it seems like if I file Schedule C (profit and loss), it will require me to pay self-employment tax, and I can't think of any deductions that would lower my net income.
When filing taxes to IRS is this a legal way -> form 1040 -> Schedule 1 (line 6 royalties) + Schedule E (income line 4 royalties)?
All my 1099MISC forms do say Royalties box 4.
I want to simplify things, and it seems like if I file Schedule C (profit and loss), it will require me to pay self-employment tax, and I can't think of any deductions that would lower my net income.