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Solved

1099-MISC income

Forum|Forum|7 years ago
June 5, 2019
1 reply
12 views

I have a 1099-MISC form from a school I sold tee shirts to for $2100, but I only made about $500 profit and the amount I owe on Federal went up $700 when I input it.

Do I need to claim this?

TurboTax Premier Online

Best answer by

Yes, the IRS requires that you report (claim) this income on your tax return. However, if you upgrade to TurboTax Self-Employed you can deduct certain business expenses from this income which will reduce the amount of taxable income and will probably reduce your tax liability.

As a self-employed or business owner, you can also claim other expenses such as vehicle expenses, office supplies, advertising cost, cell phone, health care, home office deduction (if you use your home on a regular basis and a part of your home is used exclusively for your business); utilities, and many more expenses can be deducted.

A

Anonymous

Answer

Yes, the IRS requires that you report (claim) this income on your tax return. However, if you upgrade to TurboTax Self-Employed you can deduct certain business expenses from this income which will reduce the amount of taxable income and will probably reduce your tax liability.

As a self-employed or business owner, you can also claim other expenses such as vehicle expenses, office supplies, advertising cost, cell phone, health care, home office deduction (if you use your home on a regular basis and a part of your home is used exclusively for your business); utilities, and many more expenses can be deducted.