Onlyfans

[HAYLEE1234]

How do i report income for OnlyFans if a) I have not withdrawn any earnings b) if OnlyFans isn't even providing a 1099 for 2024 calendar year of those earnings? Because I did not withdraw any!!

[TomK2023]

Yes, you will need to report this money as income on a Schedule C, even though you have not "cashed out" the money  nor received a 1099 for this self-employment income. 

Enter Self-Employment Income;

1. Open your return (if not already open).
2. Enter "Schedule C" in the Search box.
3. Click on "jump to Schedule C" link.
4. Answer Yes on the Did you have any self-employment income or expenses? screen.
   • If you land on the Your 2024 self-employed work summary page, select Review next to the work you're adding income for.
5. Answer the questions on the following screens until you arrive at Let's enter the income for your work.
6. Select Other self-employed income and select Continue.
7. On the next page you can enter any cash, personal checks, credit card payments, etc., related to your self-employment.
8. Select any expense categories you have screen.
9. Select your expenses, then Continue.
   • If you've already worked in this section, select Edit or Review next to your business.
10. Then select Start or Edit next to an expense type that you had.
11. Enter your expense description and amount, and follow the onscreen instructions.
12. Proceed through the program screens... entering your information.

[Edited 2/12/25 | 8:05am PST]

@HAYLEE1234 

[HAYLEE1234]

Thank you so much. Can I still get the earned child tax credit as well?

[BillM223]

I don't know what a "earned child tax credit" is. There is a Child Tax Credit (CTC), an Additional Child Tax Credit (ACTC), a Credit for Other Dependents (ODC), and Earned Income Tax Credit (EITC).

As the names would tell you, it is the EITC that requires earned income.

Would you like to rephrase your question?

[HAYLEE1234]

I guess it would be the child tax credit. Just claiming a dependent I guess. I'm not quite sure the child tax credit would be something like 2000$  

[Vanessa A]

Yes, if you have earned income from self-employment, you would be able to claim the child tax credit if you have a qualifying child. You may also be eligible for the Earned Income Tax Credit.  

You will simply need to answer accurately the questions in TurboTax to determine which credits you are eligible for.  If you are eligible for them, based on your answers, TurboTax will apply the credits to your return. 

[Opus 17]

The money is earned by you when it is credited to your account and available to be withdrawn, even if you did not withdraw it.  (However, if you had some kind of credits that were not convertible to money, that would not be income until it is convertible to money.)

You should report your own income and expenses from your own accurate records, even if you don't get tax paperwork.  

If you report income from self-employment on schedule C, that is considered "earned income" from working, and makes you eligible for certain things including the Additional Child Tax Credit.  Exactly how much depends on all your combined facts and circumstances.