Hi everyone,
I need some help and any input is much appreciated. Was unemployed due to the pandemic and started selling some extra items I had as a hobby the beginning of last year but started making a profit so it became a little side job of mine. I wasn't making a large sum (nowhere near 20k but had 200+ sales) therefore I wasn't given a 1099-k form however, I still turned a profit so it should be reported, nonetheless.
I've only ever filed taxes through TurboTax which is what I'm trying to do now so if anyone has experience filing their online sales through this method please feel free to add to this discussion! I'm a college student and in previous years I was working part-time jobs and all I needed was my W-2 which contained all the information needed so fairly simple but self-employment through online sales is a lot more complicated so now I'm stuck.
Specific question:
When it says, "Tell us about the other self-employed income for your Online sales work. Other self-employed income is money you made that wasn’t reported on a 1099-NEC, 1099-MISC or 1099-G. If you were paid by check or cash, made money from a barter or exchange or you have income reported on a 1099-K, list it here."
Are they asking for gross income or net income? In another section there will be an opportunity for me to input all the expenses such as cost of goods, shipping and postage, site fees, and, etc. so I'm not sure what to put down. I've been inputting some numbers but the amount I owe is quite a lot that I'm questioning if what I'm doing is correct.
If you have any other information you think would be beneficial for me please let me know, thank you!
