Filing for OnlyFans

[CharlesB125]

Hi there, i am planning on starting up a onlyfans account this year. i just had a couple questions about it though?

Can employers see that I have filed a 1099-K? 

 Does a 1099-K Form affect unemployment benefits?

Is it possible to file both a W2 and a 1099-K in the same year?

Does the earnings on a 1099-K affect the amount of taxes that i have to pay on a W-2 Form 

Is there anything else I have to file besides a 1099-K for Onlyfans?

How do business expenicess work on a 1099-K

Do i need to file a Schedule C or Schedule SE, does the 1099-k Include that within the form?

Would I need to File a W-9 if I am doing Onlyfans ?

Is it possible to work a job that provides a W2 and Only needing to file a 1099-k and not a W9?

[MnementhDragon]

1) No.  Your employer does not have access to anything other than the W2 form they send you in January

2) It depends on the state that you file for unemployment in

3) Yes.  It is possible, and not uncommon, to have more than one W2 and/or 1099 form to include on your tax return each year

4) The earning son a 1099-K will need to be included on your tax return, and may impact the amount of taxes due.
5) You shouldn't receive anything other than the 1099-K from OnlyFans.

6) You would include allowed business expenses on your tax return.

7) I am not sure which Schedules you would need to file.  That information will not be on the 1099-K.  TurboTax can walk you thru the process.

😎 OnlyFans may ask for a W9 so they can be sure that the 1099-K has the correct information on it when they send it to you.