I just started an Etsy shop...no sales yet. Does Etsy provide an income statement to me? Is there an amount minimum before I have to report? Is there a "practice" turbo filing where I can see how my taxes would look to report a shop with no earnings?
Hello @Dellrosie
Thank you so much for being here! We're so happy you for your participation. Also, congratulations on your new Etsy adventure, I'm sure you'll do wonderful!
Does Etsy provide an income statement to me? Yes, they will provide a 1099-K form for gross sales over 600.00 Here is a link for Etsy & Form 1099-K.
Is there an amount minimum before I have to report? Yes, according to the IRS, the minimum amount of Self Employed income gross income is $400.00 Self-Employed Individual tax center .
Is there a "practice" turbo filing where I can see how my taxes would look to report a shop with no earnings? Yes, TurboTax has several tax calculators, from "How to estimate your federal withholding" to a "Taxcaster tax calculator" Click here -> TurboTax Tools & Calculators
Again, congratulations and Good Luck! Please let me know if you have any follow-up questions, I'll be happy to help!
Cheers!
Holly W