All income needs to be reported on your tax return unless it is specifically excluded by law. Even though you weren't issued a Form 1099, the income is still taxable. If you receive $400 or more in net income from self-employment, after expenses, you may have self-employment taxes (which will add to your Social Security account).
You can enter your cash income in TurboTax as follows, in Federal Taxes:
- Go to Wages & Income
- In the Self-Employment section (you may need to click Show more), next to Income and Expenses, click Start (or Revisit)
- When asked "Did you have any self-employment income or expenses?" select Yes
- You'll see the screen titled "Tell us the type of self-employment work you do." Enter your description, then Continue. Follow the prompts to set up a line of work and enter income.
In order to properly report a Schedule C with income and expenses, use the Self-Employed online product or the Home and Business desktop product. See here for more information about online products and here for more information about desktop products.
Click here for more information about reporting self-employment income and deductions using TurboTax.
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