Solved: If sold 1,500 will need to declare
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
loganaaron5
New Member

If sold 1,500 will need to declare

I did not receive any of the stimulus ckecks
1 Best answer

Accepted Solutions
loganaaron5
New Member

If sold 1,500 will need to declare

 I declare 1,500.00 in net sales

View solution in original post

6 Replies
DanaB27
Employee Tax Expert

If sold 1,500 will need to declare

If you didn’t get your full stimulus payment, you may be eligible to claim the Recovery Rebate Credit on your 2020 tax return.

 

To be eligible you need to be a U.S. citizen or U.S. resident alien in 2020 and have a Social Security number that is valid for employment.

 

You cannot be claimed as a dependent by someone else to be eligible. 

 

Your credit amount will be reduced if your adjusted gross income (AGI) is more than: 

  • $150,000 if married and filing a joint return or filing as a qualifying widow or widower
  • $112,500 if filing as head of household or
  • $75,000 for eligible individuals filing as a single or as married filing separately.  

Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above. (IRS FAQ Recovery Rebate Credit )

 

 

To claim the credit in TurboTax, please follow these steps:

  1. Log into TurboTax.
  2. After entering all your information click "Federal Review" at the top of your screen. 
  3. On the screen "Let's make sure you got the right stimulus amount" click "Continue".
  4. You will be asked about the amounts of first round and second round stimulus payments you received.  If you did not receive a payment enter "0".
  5. TurboTax will then calculate the amount of stimulus payment remaining that you are still entitled to get. 
  6. Any stimulus amount remaining due to you will show as a credit on line 30 of the 1040.

 

For additional information please see Stimulus FAQ at the end of the TurboTax article.

 

 

I'm not sure if you had another question with "I sold 1500 will need to declare", if you do can you please provide more details. Thank you.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
loganaaron5
New Member

If sold 1,500 will need to declare

I earn as self employed 1,500.00

loganaaron5
New Member

If sold 1,500 will need to declare

I have not received  any stimulus chech

loganaaron5
New Member

If sold 1,500 will need to declare

I made a 1,500.00 in sales

loganaaron5
New Member

If sold 1,500 will need to declare

 I declare 1,500.00 in net sales

View solution in original post

DanaB27
Employee Tax Expert

If sold 1,500 will need to declare

Yes, self-employment income has to be reported on your tax return. Please follow these steps:

 

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “self-employed”
  3. Click on “Jump to self-employed”
  4. TurboTax will walk you through entering income and expenses.

 

Please see What is the self-employment tax? and What self-employed expenses can I deduct?  for additional information.

 

 

After you entered all your information please follow these steps to enter that you did not receive the stimulus payments:

  1. Log into TurboTax.
  2. After entering all your information click "Federal Review" at the top of your screen. 
  3. On the screen "Let's make sure you got the right stimulus amount" click "Continue".
  4. You will be asked about the amounts of first round and second round stimulus payments you received.  If you did not receive a payment enter "0".
  5. TurboTax will then calculate the amount of stimulus payment remaining that you are still entitled to get. 
  6. Any stimulus amount remaining due to you will show as a credit on line 30 of the 1040.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
v
Privacy Settings