topic Re: Self Employed or not? in Get your taxes done using TurboTax

Self Employed or not?

French1 — Thu, 14 Jan 2021 14:54:05 GMT

My wife and I have day jobs and a regular online Turbo tax setup. Now i have started a ebay store as a side business and paypal is offering me to get turbo tax self employed services.

My question is, If I get that service, do I have to marry my personal accounts to the self employed business account.?

Re: Self Employed or not?

xmasbaby0 — Thu, 14 Jan 2021 15:04:52 GMT

Your eBay income has to be included on your joint tax return if that is what you are asking. ALL of your combined income has to be included on your joint return, including the money you make on eBay.

Re: Self Employed or not?

French1 — Thu, 14 Jan 2021 15:11:11 GMT

@xmasbaby0

So if I get the self employed service, and it asks me if i have a turbo tax account i am to answer yes, and let it combine the incomes.?

Thanks for the fast response.

Re: Self Employed or not?

xmasbaby0 — Thu, 14 Jan 2021 15:19:26 GMT

I think you are getting confused about what "account" you are talking about. You can use any bank account you want to for your eBay income. You can mingle your income from eBay with your other combined income or keep it in a separate bank account. The IRS does not care what bank account you use for your income. You just have to report the income on your tax return.

If you are asking about what account to use to receive an income tax refund, you enter banking information in the FILE section when you are ready to file your tax return. That will be the account that the IRS uses to deposit your refund if you are getting one.