turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How to report cash/wire transfer income without 1099 Information Returns?

I provided services for some people who payed me in cash or wired transfer.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
pk
Level 15
Level 15

How to report cash/wire transfer income without 1099 Information Returns?

@mmcersosimo-aol- , if the earnings are just once in blue moon -- rare -- then you enter the income as "other", you cannot deduct any expenses against this income ( generally). If on the other hand , this income is regular  / or expected to be regular ( just people paid you cash etc. and therefore no 1099-NEC issued ) then the onus is on you to report the income , deduct any expenses ( allowed ones ) for this stream of income, report all this on Schedule-C ( self-employment income ) and also pay Self Employment -- SECA -- taxes  ( equivalent to the FICA taxes paid  by the employer and  employee ).

 

Does this make sense ?  Is there more I can do for you ?

How to report cash/wire transfer income without 1099 Information Returns?

Thanks a lot. It does make sense.!!! So, in order to fill this out correctly, I should pick the  "Other self-employed income, includes 1099-K, cash, and checks" option, right?

pk
Level 15
Level 15

How to report cash/wire transfer income without 1099 Information Returns?

@mmcersosimo-aol-  that is probably the best 

 

pk

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question