Amazon FBA Questions

Forum|Forum|4 years ago
March 10, 2022
1 reply
11 views

Hi there! I am curious about how I can file my Amazon FBA taxes as a side hustle. I want to submit it along with my personal income tax. But I registered as an LLC, so I'm not sure if that is done separately or if I can submit this as income personally?

Another question, on the inventory side of things. Amazon tracks all my inventory and I don't think I need to report any inventory if I'm under a large number of sales right? I probably only sold about 30,000 last year in gross sales, so I'm not sure if Inventory has to be reported with such a low amount of sales?

I plan to just right off the fees amazon charges and the cost of the products.

Is there anything wrong with the above or any suggestions?

Thank you!

DaveF1006

Level 15

Yes, you will enter this as a business and if you a single member LLC, you can use a 1040 Schedule C. Here is how to report if you are using Turbo tax Self-Employed.

Go to federal>income and expenses>
Self-Employment>Self-employment income and expenses
Complete the profile that asks about your business. Here you will enter information about your LLC and the EIN for your business.
Then there will be a screen where you will enter your self-employment income.
After entering, you will start entering expenses into your program.
If you wish to enter the cost of your purchases, you need to navigate to the inventory section of the program. These don't appear immediately in expenses so you will need to select show more at the bottom of the screen until you see the term inventory. You will need to complete this section to determine the cost of goods sold.
Your amazon fees can be listed under legal and professional fees.