I filed my 2018 already and got my refund. However, while doing my 2019 turbotax, realized that I did not add my side gig cash that was directly wired into my bank account and I had no 1099-Misc or any form received. Please help what to do? if I need to amend, under where in Personal income?
I need step by step guidance? Thx!
It is a commission or a side gig?
For self employment, you would need to add a schedule C to your tax return to list your business (self-employment, independent contractor). You are required to keep accurate business records of your income and expenses even if you don't get paperwork. The net profit from the business (income minus expenses) is added to your other taxable income, and is also subject to self-employment tax (the self-employed version of social security and medicare). It's not under personal income, you need to set up a business.
In some cases, a side gig may not be a business. You are self-employed if you are engaged in an ongoing trade or business. A one-time side gig that is not similar to your regular job, not something you do on an ongoing basis, can be reported as "other income" in the personal income section. "Other" income is not subject to self-employment tax and you don't need to set up a business in Turbotax, but you can't subtract your expenses to reduce your income.
Hi Opus17,
I have a business license as an agent for oversea clients. But I only had one official client who gave me commission. Since is out of the country, they don't provide 1099 and is only a one time small commission. Yes, I did reported my expenses and have no other income than one time commission less than $2000 for entire 2018 year. When I said a gig because I have a full time job which is all reported in my return and the agent thing is a part time work. Can you help with step by step guidance, please?
Also, I called turbo tax support and asked for cpa help, but the three ladies tier 1 support were rude, not nice and told me the answers in community. I did many times, since is different situation depending on individual like how you asking me these questions. Is there some way, I can get step by step guidance, please? thx in advance.
@kumquathoney wrote:
Also, I called turbo tax support and asked for cpa help, but the three ladies tier 1 support were rude, not nice and told me the answers in community. I did many times, since is different situation depending on individual like how you asking me these questions. Is there some way, I can get step by step guidance, please? thx in advance.
The Live CPA option is an add-on in the Online version of Turbotax but not the desktop version. Basically, you click the "Business" tab and create a business and add income. It really should lead you.
Remember you need to be using the Amend feature. Make a copy of your original return and save it in a safe place, then open your return and click "Amend" in the list of "some things you can do."
@VolvoGirl or @DoninGA or @macuser_22 might have a step by self-employment already typed out.