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How do i enter my income from ebay if I didn't qualify for an 1099?

My Gross Sales for 2022 were $5291.91
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3 Replies
KrisD15
Expert Alumni

How do i enter my income from ebay if I didn't qualify for an 1099?

To clarify, 

is this a business where you buy and sell items to earn income or were you selling personal items like a garage sale? 

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How do i enter my income from ebay if I didn't qualify for an 1099?

I resold items purchase at thrift stores for profit.

KrisD15
Expert Alumni

How do i enter my income from ebay if I didn't qualify for an 1099?

In that case you would file as a Self-Employed Taxpayer. 

That means you'll file Schedule C.

You can deduct expenses, like part of your internet costs, camera, postage. 

 

Enter the income as you would for cash. 

Enter the expenses of the items to offset the income. 

 

You will be charged "Self-Employment Tax" which is the FICA (Social Security) tax which is withheld and paid by an employer when you are a W-2 employee. 

When you're Self-Employed, you pay that through your tax return. 

 

You may also need to make Estimated Tax Payments since no Federal Tax is withheld when you're Self-Employed 

OR

Increase your withholding at your job if you are also an employee.

 

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