Was the income related to subcontractor work that would require you to create a Schedule C for a business? Do you have expenses to deduct against this income?
You still need to report income. If you received more than $600, you should be issued a 1099-MISC. If not, you will not receive the document, but you still need to report the income. Please note, this will require you to pay self-employment taxes, which are Social Security and Medicare taxes, on this income.
Follow these steps if you have a 1099-MISC:
- Under the Federal menu, click on Wages & Income
- Expand the menu for Other Common Income
- Click Start/Revisit next to Form 1099-MISC
- Enter the information as shown on your document
If you did not receive a 1099-MISC:
- Under the Federal menu, click on Wages & Income
- Expand the menu for Less Common Income
- Click Start/Revisit next to Miscellaneous Income, 1099-A, 1099-C
- Click Start/Revisit next to the first option, Other income not already reported on a Form W-2 or Form 1099
- Answer Yes to the question, Did you receive other wages?
- Continue through the screens until you get to Any Other Earned Income
- Answer Yes to the question, Did you earn any other wages?
- On the next screen, choose Employee compensation that was not reported on a W-2
- Enter the information on the screens that follow
You will now need to amend your return to include this income. Follow the steps below:
- Log into your TurboTax account
- Choose the tax year that you wish to amend
- Click Amend
- Make any necessary changes
Keep in mind that when you are amending, the refund tracker monitors the difference from your original filing to the amended return. It does not include any original refund or balance due. If you are claiming any previously unclaimed income, you may see the difference as an additional balance due.
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