How to show small payment received late?

This year I received a very small payment that actually was earned by my old LLC which is now closed several years ago but I had missed to take it at that time before I closed my LLC. The amount is very small, less than $100, and there is not even a 1099 for it. I will show it on my personal income tax while doing taxes of this year in spring. Can I show it as other income, and what description can I write or it doesn't matter much?

275

Level 15

Dec 7, 2022 5:33:40 AM

Follow these directions to post income not subject to self-employment taxes.

Down the left side of the screen, click Federal.
In the center of the screen, click Income & expenses.
On the screen Your income and expenses, 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 Schedule 1 with the description that you entered.

Level 15

Dec 7, 2022 8:45:26 AM

What you write as a description is not important. Keep it short. Just a few words is all that's needed.

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How to show small payment received late?