You will need to file a Form 1040 to include your income from the 1099-NEC that you will receive from your online sales. This type of income is referred to as self-employment income and is reported on the 1040 using a Schedule C.
Turbotax will guide you through the steps. You will enter your income and expenses from the online sales on the same Schedule C. Receipts and records of your income and expenses should be kept with your tax records. It is not necessary to send those in with your tax return.
The information entered in the federal return will flow over to the NY return. You will not need to enter it again into the state return.
Keeping complete and accurate records of your income and expenses will enable you to prepare your return easily. Remember, you can always use TurbotaxLive to get assistance from one of our live experts if you have questions during the process.
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