topic I own an etsy business and made less than $600, I do not have access to a 1099-MISC, do I still need to file? in Get your taxes done using TurboTax

I own an etsy business and made less than $600, I do not have access to a 1099-MISC, do I still need to file?

oliviabartosiak — Sat, 13 Mar 2021 01:22:43 GMT

Re: I own an etsy business and made less than $600, I do not have access to a 1099-MISC, do I sti...

BillM223 — Sat, 13 Mar 2021 03:34:07 GMT

You may need to file, see #1 below.

The IRS says in Pub 17:

"Also, you must file Form 1040 or 1040-SR and Schedule SE (Form 1040), Self-Employment Tax, if:

1. Your net earnings from self-employment (excluding church employee income) were $400 or more, ..."

You don't have to have a 1099-MISC or other forms. You can enter "General Income" in the business income and expenses interview - just enter something "sales on etsy" and then go on to enter your expenses.

Basically, if your business made enough money such that you would owe self-employment taxes (Schedule SE), you have to file, but you need to step through the process first.

Re: I own an etsy business and made less than $600, I do not have access to a 1099-MISC, do I sti...

oliviabartosiak — Mon, 15 Mar 2021 18:30:54 GMT

So another question... If I spent more than I made would I have to do this? Because I definitely spent more than $500 and only made $430. Thanks again! @BillM223

Re: I own an etsy business and made less than $600, I do not have access to a 1099-MISC, do I sti...

PattiF — Mon, 15 Mar 2021 18:56:21 GMT

The IRS states that if your net earnings are more than $400, then you need to file a Schedule C. Your net earnings are approximately negative $70 (-$70). You do not need to file a Schedule C for this year.