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I am self employed and received $15k of payments through PayPal. The expenses out of that were $12k. Do I count the net income or make deductions? If deduct, how?
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June 4, 2019
4:14 PM
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June 04, 2019
4:14 PM
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I am self employed and received $15k of payments through PayPal. The expenses out of that were $12k. Do I count the net income or make deductions? If deduct, how?
No, you will enter the gross income amount ($15000) in the income section, and then list each expense separately. These expenses are reported in the Self Employment section of TurboTax.
Using TurboTax Self-Employed, click the Federal Taxes tab (at the top)
- Scroll down to the Self-Employment section
- Click Start next to Income and Expenses
- Proceed through the interview to enter your income and expenses
June 4, 2019
4:14 PM
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I am self employed and received $15k of payments through PayPal. The expenses out of that were $12k. Do I count the net income or make deductions? If deduct, how?
No, you will enter the gross income amount ($15000) in the income section, and then list each expense separately. These expenses are reported in the Self Employment section of TurboTax.
Using TurboTax Self-Employed, click the Federal Taxes tab (at the top)
- Scroll down to the Self-Employment section
- Click Start next to Income and Expenses
- Proceed through the interview to enter your income and expenses
June 4, 2019
4:14 PM
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