What form should I use to report my taxes as a 17 year old reseller?

[4c9b423dddb9]

This is my first time dealing with taxes.

[xmasbaby0]

Sounds like you have self-employment income so you will have to prepare a Schedule C for your business expenses such as shipping, etc.   The online Self-Employed version is expensive---any version of the CD/download can prepare a Schedule C.    Or you can probably wait for the IRS Free File site to have free software later in January.

https://apps.irs.gov/app/freeFile/

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

And....since you are 17----you are someone else's dependent.   You MUST say on your own tax return that you can be claimed as someone else's dependent.   If you mess that up it will cause problems for your parents when they try to e-file.

[MayaD]

Your income s considered self employment Income. You have to file an income tax return if your net earnings from self-employment were $400 or more. For additional information on Self-Employed Individuals, please check the IRS website: Self-Employed Individuals Tax Center 

To report your self employment income and expenses in TurboTax ( You need TurboTax Self-Employed (Online) or TurboTax Home & Business (desktop)):

• Log in to your account.
• Select Federal from the left menu.
• Go to Wages and Income then select Income and Expenses.
• Go to Self-employment income and expenses and click start. you'll be asked some general questions about your business. After you answer them, you’ll be taken to enter your Income and Expenses.

If you qualify as a dependent on someone else's return, when filing your return, make sure to check the box that someone will actually claim you as a dependent.

 

[maglib]

@4c9b423dddb9  this income could be considered HOUSEHOLD income, and under OTHER INCOME reported on  Schedule 1, Line 8 on your tax return depending on amounts,  this would be things such as Hobby Income.  Depending on the amounts you are speaking, this may be a better classification then updating the tt edition to claim the expenses on schedule C.  

Taxpayers frequently have income reported on Form 1099-MISC. Or bartering income, or things such as babysitting.  It may represent earnings from a trade or business that should be reported on Form 1040, Schedule C. If not, it generally is reported as other income on Form 1040. Of course, net income from a trade or business is subject to both income tax and the 15.3% self-employment tax, While taxpayers can deduct a net operating loss from a trade or business, they may deduct their expenses incurred in generating other income only up to the amount of that income if reported under the Other Income classification.  

To report on a Sched C, you would have to be holding ones self out for the purpose of ultimately making a profit.

IN TT:
PERSONAL INCOME/ OTHER WAGES RECEIVED/ YES/ Put the amount of Household Employee Wages in net of expenses but it must be net positive/ 

Hopefully this was helpful.