The IRS considers undocumented
cash income (no W-2 or 1099-MISC), for work performed, to be self employment
income. Enter at "Business Income & Expenses" and TurboTax (TT)
will complete Schedule C or C-EZ for you and allow you to deduct any expenses
associated with this income. You'll also have to pay self employment tax
(social security) on any profits greater than $400.You report the income from your own records.
You may have to upgrade to
the Self Employment version of TT. You will not be able to use the free version.
TurboTax also has another free
product called the FREEDOM Edition (not to be confused with the regular Free
Edition). It has free Federal preparation and free State preparation. There is no efiling
fee. It is not available after October 15
The FREEDOM Edition can handle a 1099-MISC or cash self employment
The Freedom Edition is more fully-featured than the regular Free
Edition. The Freedom Edition can prepare Schedule A, C, D, E, and F that
the Free Edition cannot. It will prepare a Form 1040 or 1040A or 1040EZ.
For Freedom Edition a user needs to meet only ONE of these qualifications:
· AGI of
$33,000 or less
· or active duty military (including
Reservists and National Guard) with a military-issued W-2 and a 2016 family AGI
of $64,000 or less
· or eligible for EIC (Earned Income Credit.)
The FREEDOM Edition is located at:
https://turbotax.intuit.com/taxfreedom
How to switch and start over in Freedom Edition
https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-freedom-edition
