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New Member
posted Mar 14, 2023 4:04:23 PM

If I didn't qualify for a 1099 from Etsy, do I report income?

I am a LLC business that is using Etsy but I did not qualify for a 1099. I am not sure if I need to report my income or not

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5 Replies
Expert Alumni
Mar 14, 2023 4:18:17 PM

Yes. The IRS requires that you report all of your income, even if it is self-employment less than $600 and you did not get a tax form.

This will go in the Self-employment section and you can enter in Income as Other self-employed income including cash, checks, etc.

 

You can add a row if you have several sources of income and enter the description and amount for each. 

New Member
Mar 14, 2023 5:00:26 PM

Once I do other self-employed income, would I put credit/debit since the income is from Etsy ? 

New Member
Mar 14, 2023 5:01:53 PM

Once I go to other self-employed Income. For the type of income, it’s still from Etsy but with no 1099. Would I put credit/debit as the type of income ? 

Level 15
Mar 14, 2023 5:07:16 PM

You can put anything you want.  Like put Online Sales.  But credit card would be ok.  I don't think that shows up anywhere.  Only the total income goes to Schedule C.  

Expert Alumni
Mar 14, 2023 5:52:15 PM

Yes, you can call it ''credit/debit'' (or some other description) in the Other Self-Employment Income (includes cash, checks, etc.).   When you enter the income, TurboTax is going to ask you about your sales business.   Use your name and home address for the business.    You can add any cash, checks, and debit and card payments you received all on the same line.  

 

How do I report income from Self-Employment?

 

If you have expenses directly related to the work you do, you can deduct them as business expenses.   See What Self-Employment Expenses Can I Deduct? 

 

Tax Guide for the Self-Employed: Everything You Need to Know