If you sell items at fairs and festivals, this is typically reported as self-employment income. Self-employed individuals report their income and expenses on a Schedule C form with their 1040 return at the end of the year. Self-employment income is not listed on a 1040EZ.
To enter Self-employment income into TurboTax, you will follow these steps:
- Click Wages & Income
- Scroll down to Self-Employment, click show more
- Click Start next to self-employment income and expenses
- Click Add another line of work
- Click Continue
- enter the type of business you work in (For example, if you sell crafts at fairs, you can enter craft sales)
- Answer interview questions as they pertain to your work
- Enter income and expenses (expenses used for your business, such as fair rental fees, payment processer fees, supplies, etc., can be used to offset the income received)
Listed below are links for more information on self-employment income:
10 Surprising Ways you May be Self-Employed
Reporting Self-Employment Income
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