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Retirement tax questions
Yes, you will need to report this money as income on a Schedule C, even though you have not "cashed out" the money nor received a 1099 for this self-employment income.
Enter Self-Employment Income;
- Open your return (if not already open).
- Enter "Schedule C" in the Search box.
- Click on "jump to Schedule C" link.
- Answer Yes on the Did you have any self-employment income or expenses? screen.
- If you land on the Your 2024 self-employed work summary page, select Review next to the work you're adding income for.
- Answer the questions on the following screens until you arrive at Let's enter the income for your work.
- Select Other self-employed income and select Continue.
- On the next page you can enter any cash, personal checks, credit card payments, etc., related to your self-employment.
- Select any expense categories you have screen.
- Select your expenses, then Continue.
- If you've already worked in this section, select Edit or Review next to your business.
- Then select Start or Edit next to an expense type that you had.
- Enter your expense description and amount, and follow the onscreen instructions.
- Proceed through the program screens... entering your information.
[Edited 2/12/25 | 8:05am PST]
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‎February 12, 2025
7:58 AM