I have an online Etsy business and I'm not sure if I will receive a 1099-K. How do I file for this? Is this considered self employed?

[JulieCo]

Yes, your online Etsy business would be considered self-employed.  As you imply above, even if you don't receive a 1099-K, you still will be required to report your income from your sales on Etsy.  

If you have expenses and inventory costs associated with your business, then you will want to use TurboTax Self-Employed (online) or TurboTax Home & Business (CD or download) to create your tax return as long as you haven't set up a business entity (LLC or S Corp) for your business.  

If your Etsy business has not been set up as a separate business entity (meaning you are a sole proprietor) then all of your business income and expense information will be included on Schedule C of your personal income tax return.  More information on self-employment income and deductions can be found here: Reporting Self Employment Business Income and Deductions

Within TurboTax, you will have the opportunity to enter your business income, as well as your expenses for your Etsy business.  TurboTax will guide you through questions related to your business, as well as help you enter your inventory and business expense information.   

Here is a link for more information on TurboTax Self Employed:  TurboTax Self Employed (Online)

And a link to TurboTax Home and Business:  TurboTax Home & Business (CD or Download)

Here is an article which contains more information on your Etsy business and the possible effects on your taxes.  Selling on Etsy and Your Taxes

[ciairagalentine]

How do I go about reporting? Will I recieve a 1099MISC? My business isn't very big. I made less than $300 in 2017 off of it. The Turbo Tax links I have come across are not very helpful.

[JulieCo]

If you know your income total, you can enter that into TurboTax.  1099MISC's do not have to be issued if the amount is under $600, but your income will still need to be taxed, so you should go ahead and enter your income since you know the total.  
Within your Turbotax Account (it appears you have Turbotax Deluxe Online), go to your Federal Return and select the Wages & Income tab at the top of the screen.  Then, you should be able to scroll down and find a section on Self Employment Income to START or EDIT.  Here TurboTax will guide you through entering your income and ask you more questions to determine if this really is a business or if it is more of a side job or hobby.  It will also help you determine if you want to enter your business expenses and need to upgrade to a different version of TurboTax as I noted above.

[ciairagalentine]

I have gone through every option on the "self employment" and it all asks for either some form of 1099 or other information that I do not have.

[JulieCo]

When you are entering information about your self-employment business, the screens may ask you things such as whether you had employees, whether you had someone do work FOR you where you gave them a 1099 form (so this wouldn't be related to your income or you receiving a 1099), or if you have an Employer ID number, etc. These screens can all be answered in the negative that you didn't have employees, a 1099 contractor, or an employer ID number.  After these screens, a summary will be shown where TurboTax asks you to review your self-employment business.  If you select "It looks good" you should then proceed to the screen to enter your income.  There should be an option to "select additional income and other income:  includes 1099K, cash, checks and other income."  Selecting this option should allow you to enter the type of income received and the amount.  
To find this section again, type "Schedule C" in the search field on the upper right of the screen and select "Jump to Schedule C" and you will be brought to the entry screens for your self-employment income as described above.

[ciairagalentine]

Ok. I went through that. But I received payment from either the customers debit/credit card. I do not know if they paid through a credit card or another payment source because I don't get that info. Also through Etsy it doesn't show me the individual customers. It shows how much I got in each month.

[JulieCo]

In the "types of income" field, you can enter the words "various" or a combination of "debit/credit cards" and then enter the total dollars you calculate for all the months of 2017 you received income in the amount field.  You can also wait to see if you will receive a 1099-K and just enter the total from that form.  Either the total you calculate of your monthly information or the 1099-K total (if you receive one) would be entered on that line.

[ciairagalentine]

That helps me a lot. Thank you!

[VolvoGirl]

You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version.  Or any of the Desktop programs.  But you will get the most help in the Home & Business version.

How to enter income from Self Employment
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment">https://ttlc....>

[JulieCo]

You are welcome