You still are obligated to record the income. If you don't have a 1099-K, you can just use your own record of deposits from your "books" or from your bank account statements. Once you've determined the total for the year, enter your income and expenses in Turbo Tax onto your Schedule C (assuming that you're filing as a Sole Proprietor). However, in your particular case...in order to enter
your business income and expenses, you will have to upgrade to the Turbo Tax
Self-Employed version (or Turbo Tax Home & Business). Once you upgrade from Turbo Tax Deluxe, to
enter the income and expenses of your business, follow these steps in Turbo Tax
(here I am assuming that he files as sole proprietor on a Schedule C)...
- Log into your tax return.
- Use the search box in the
upper right hand corner. Type "schedule c" in the box and press
enter.
- This will bring up the
"Jump to schedule c" link...click that link.
- From here Turbo Tax will ask
you some specific questions about your business. You'll be led through
different screens asking you more questions regarding your business.
- Once you've answered these
questions Turbo Tax will bring you to a screen to enter you income. This
may be in the form of 1099s or no 1099s.
- After you've added your
income (or skipped that part) Turbo Tax will bring you to the screen for
you to choose what expenses you would like to enter onto your tax return.
