What form or forms & proof do I need to file selfemployment & to get my EIC.?

Question

I quilify for EIC but I only have one w2. The rest of my income came from selfemployment in the form of cash.

Answer 1

you file self employment income and expenses on Schedule C of form 1040. the EIC will be calculated based on your income, filing status and dependents.

Answer 2

You have to have proof of the self employment income, records receipts any 1099's that you received, bank records, The IRS will require that you prove this income in order to be able to claim the EIC. Any claims for EIC based on self employment are automatically subject to review.
For more assistance with this call the Internal Revenue Service at 1-800-829-1040

Answer 3

You file Schedule C to report business income and expenses.

You also file Schedule SE to calculate the Self Employment tax, which replaces the SS tax that you and your employer would have split had you been an employee. That's assessed at 15.3% of your net business profits.

Then you transfer the amounts from the two schedules to your 1040 form and complete your return in the normal manner. Your total earned income (W2 and self-employment) will determine if you're eligible for the EITC and how much it is.