The IRS considers undocumented cash income (no W-2 or
1099-MISC), for work performed, to be self employment income. Enter at
"Business Income & Expenses" and TurboTax (TT) will complete
Schedule C or C-EZ for you and allow you to deduct any expenses associated with
this income. You'll also have to pay self employment tax (social security) on
any profits greater than $400.
You may have to upgrade to the Home &
Business version of TT. There's a chance you may be able to use TT Deluxe or Premier.
Enter your income at the 1099-Misc screen (even if you didn't get a 1099-misc).
For details, see https://ttlc.intuit.com/questions/1901317-schedule-c-ez-net-profit-from-a-business
If the income was for something other that work or services, where it is entered depends on the source. But, in general, "other income " is reported on line 21 of form 1040. In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages &
Income
-
“I’ll choose what I work on” Button
Scroll down to:
-Less Common Income
-Misc Income, 1099-A, 1099-C.
-The next screen will give you several choices. if none fit, choose "Other reportable Income". You will reach a screen where you can type a description of the income and the amount.
