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Diane P
Returning Member

1099 K

Should I file my 1099K separate from my personal taxes?

I sell on Etsy so I should only receive 1 1099K ... correct ?

1 Best answer

Accepted Solutions
VolvoGirl
Level 15

1099 K

That is self employment income.  To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You will need to use the Online Self Employed version or any Desktop program but the Desktop Home & Business version will have the most help.


Turbo Tax Beginners Tax Guide for the Self Employed
https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...


What is form 1099NEC?
https://turbotax.intuit.com/tax-tips/irs-tax-forms/what-is-form-1099-nec/L5fbwIFSn


Here is some IRS reading material……
IRS information on Self Employment
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center


Publication 334, Tax Guide for Small Business
https://www.irs.gov/pub/irs-pdf/p334.pdf


Publication 535 Business Expenses
https://www.irs.gov/pub/irs-pdf/p535.pdf

 

You pay Self Employment tax on $400 or more of net profit from self-employment in addition to any regular income tax. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.

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4 Replies
VolvoGirl
Level 15

1099 K

No you have to report all your income on the same 1040 tax return.  What are you selling?  Personal items or things you make?  If youhave self employment income you fill out Schedule C in your tax return.  

Diane P
Returning Member

1099 K

I sell Silk floral wreaths using an online platform.  How do I know if I'm considered self-employed to fill out the schedule C

VolvoGirl
Level 15

1099 K

That is self employment income.  To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You will need to use the Online Self Employed version or any Desktop program but the Desktop Home & Business version will have the most help.


Turbo Tax Beginners Tax Guide for the Self Employed
https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...


What is form 1099NEC?
https://turbotax.intuit.com/tax-tips/irs-tax-forms/what-is-form-1099-nec/L5fbwIFSn


Here is some IRS reading material……
IRS information on Self Employment
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center


Publication 334, Tax Guide for Small Business
https://www.irs.gov/pub/irs-pdf/p334.pdf


Publication 535 Business Expenses
https://www.irs.gov/pub/irs-pdf/p535.pdf

 

You pay Self Employment tax on $400 or more of net profit from self-employment in addition to any regular income tax. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.

Diane P
Returning Member

1099 K

Thank you for the information, I'll do some research

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