You are required to report all of your worldwide income on your tax return. There is not a minimum amount that must be met before you have to report it.
As an independent contractor, your income (and associated expenses) will be reported on Schedule C. Even if you did not have any expenses to claim, your income should still be reported on Schedule C. Earning less than $300 will not generate a self-employment tax liability.
Use the following steps to get started:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “schedule c” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to schedule c”
- Click on the blue “Jump to schedule c” link
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