Do I need to report $350 earned for consulting work? I did not receive a W-2; no taxes were withheld.

[TomYoung · Accepted solution]

Legally, the answer is "Yes."  You must report all income over $.50, irrespective of receiving some government-approved "form", or not.

Tom Young

[Critter]

If that was the only side work income you made AND you don't have any expenses to enter then ... 

You can report it as other income on Form 1040 line 21. Here's how to enter it in TurboTax.

·       Click the Federal Taxes tab ( Personal in the Home & Business version)

·       Click Wages & Income. (Personal income in the H & B version)

·       Click "I'll choose what I work on."

·       On the screen "Your 2015 Income Summary," scroll all the way down to the last section, "Less Common Income."

·       Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."

·       On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."

·       The next screen asks, "Did you receive any other taxable income." Click Yes.

·       On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.

·       On the next screen click Done.

The income will be reported on Form 1040 line 21 with the description that you entered.