If the income you received from Cash app was from a business activity, it will need to be reported as self-employment income. Cash app more than likely issued you a Form 1099-K for all the money you received on the app. It is possible that not all the money received from the app is taxable, like if you received money from the sale of personal items, payments from friends and family.
Here's how to enter your Form 1099-K, using TurboTax Online Premium or Desktop:
- Open or continue your return and select Search.
- Search for Schedule C and select the Jump to schedule c.
- Answer the questions about your business and its expenses until you get to the Here’s your info screen.
- If you’re returning to Schedule C, select Review or Edit next to your work and then answer the questions about your business.
- Select Add income for this work.
- On the Let's enter the income for your work screen, select Form 1099-K and Continue.
- Enter your 1099-K info.
If you did receive income from additional sources besides work, please update here and we can help you.
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