How to report income earned from teaching at a homeschool co-op

taxform review
Hi Carol. Thank you for all the help you have already given our homeschool community!
As a teacher at a homeschool co-op that allows teachers to charge the parents $45 per student, how would I report any net income on my income tax return? Payments are made directly to me as the teacher.

Best regards, Lynn (New York)

Lynn,

You report all your income and all your expenses from teaching at a homeschool co-op on a Schedule C or the shorter form Schedule C-EZ as part of your federal Form 1040.
The net amount is carried onto page one of your 1040 (line 12 Business income) and added to other income from W-2s etc.

If you made more than $400 in net income (profit) you will also have to fill in a Schedule SE and pay Self-employment tax (it’s the same as Social Security and Medicare taxes) on Line 56.

Hope that helps!

Carol Topp, CPA

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