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sturgess1234
New Member

How do i log my favor work?

 
2 Replies
RayW7
Expert Alumni

How do i log my favor work?

You will file your earnings on Schedule C for self employed individuals.  You can also deduct any expense associated with your earnings. 

 

As a Runner, you most likely have an independent contractor relationship with Favor. You are not an employee and do not have taxes withheld from your earnings.

 

In other words, you are your own boss — and that means you are responsible for tracking your own gross earnings and expenses for tax purposes.

 

You may receive a 1099-K and you will enter this information in TurboTax as follows:  (even if you do not receive a 1099-K you still need to report your earnings)

 

You can enter the income reported on your Form 1099-K as self-employment income on Schedule C.

 

Please follow these steps in TurboTax: 

  1. Open or continue your return.
  2. Search for Sch C and select the Jump to link in the search results.
  3. Next:
    • If you’re entering info about your business for the first time you'll be asked some general questions about your business. After you answer them, you’ll be taken to the Let's enter the income for (your type of business) work screen.
    • If you’re returning to Schedule C, select Review or Edit next to your line of work and answer any other screens until you reach the Let's enter the income for (your type of business) work screen.
  4. Select Other self-employed income.
  5. On the Tell us about other self-employed income for your (type of business) work screen, enter your 1099-K information.
  6. Select Continue when finished.

If you are entering income from a 1099-K, remember that it reports the gross amount of the transactions. It doesn't include any adjustments for credits, refunds, discounts, or fees. You’ll have a chance to enter self-employment expenses in another part of your return.

 

 

 

SweetieJean
Level 15

How do i log my favor work?

What is Favor work?   A delivery service? Foreign work?  Former work?

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