Schedule C-EZ, Net Profit from a Business
What is Schedule C-EZ?
Schedule C-EZ is a simplified version of Schedule C, Profit or Loss From Business (Sole Proprietorship). Certain small businesses and statutory employees with business expenses of $5,000 or less may be able to file Schedule C-EZ instead of Schedule C.
Who can file Schedule C-EZ?
You may file a Schedule C-EZ instead of a Schedule C if you meet all of the following requirements:
- Had business expenses of $5,000 or less.
- Use the cash method of accounting.
- Did not have an inventory at any time during the year.
- Did not have a net loss from your business.
- Had only one business as a sole proprietor, qualified joint venture, or statutory employee.
- Had no employees during the year.
- Do not deduct business use of your home.
- Do not have prior year unallowed passive activity losses from this business.
- Are not required to file form 4562, Depreciation and Amortization, for this business.
Entering Schedule C-EZ in TurboTax.
Don't worry about it. TurboTax will walk you through your return step-by-step and determine, based on your answers, the correct version of Schedule C for your specific tax situation.
If you need to correct or change any information you have entered on your Schedule C-EZ, the steps you take depends on if you have already filed your tax return.
- If you have yet to file your return, simply navigate to the area you need to change on your Schedule C-EZ, and correct or change your information.
- For example, if you need to correct a 1099-MISC, navigate to that form and make your changes.
- If you have already filed your return, you will need to amend your return. Please click here for instructions.
For questions about printing, please click here.
If you have questions about the availability of Schedule C-EZ, please click here.