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fasteddie577
Level 5

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

 
1 Best answer

Accepted Solutions
LeeM
New Member

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

You would need to report that on a Schedule C, Profit or Loss from Business. You would then report all income and any expenses used to generate that income. 

IF your net income is less than $400, then you will not owe Self-Employment tax on it.

You can find more information on how to enter that Schedule C below:

https://ttlc.intuit.com/replies/3302122

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11 Replies
Lisa995
Level 12

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

You need to clarify what you mean by "completed a return and were paid for it"  Someone paid you to prepare their tax return?
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
hbl3973
Level 8

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

One caution: in states like California, you legally need to be registered/licensed/bonded/... to prepare tax returns for a fee.  (See <a rel="nofollow" target="_blank" href="https://ctec.org/Preparer/Questions/">https://ctec.org/Preparer/Questions/</a> for CA specifically.)
fasteddie577
Level 5

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

Yes, I completed a tax return for my coworker and they paid me for it. Thanks. PS: My state is Texas
Lisa995
Level 12

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

You didn't sign it as a paid preparer did you?
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
fasteddie577
Level 5

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

I did not sign it. It was e-filed and I gave him a copy of the return, unsigned. Thanks
SweetieJean
Level 15

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

Sounds like your coworker gave you a cash gift.
fasteddie577
Level 5

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

Thanks SweetieJean
hbl3973
Level 8

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

Also, if it makes you feel more comfortable to go the Schedule C route, you should go ahead and get a free PTIN from the IRS via

     <a rel="nofollow" target="_blank" href="https://www.irs.gov/tax-professionals/ptin-top-faq-3">https://www.irs.gov/tax-professionals/ptin-top...>

Texas itself has no fees/license/certification requirements for tax preparation.
fasteddie577
Level 5

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

Thanks again.
LeeM
New Member

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

You would need to report that on a Schedule C, Profit or Loss from Business. You would then report all income and any expenses used to generate that income. 

IF your net income is less than $400, then you will not owe Self-Employment tax on it.

You can find more information on how to enter that Schedule C below:

https://ttlc.intuit.com/replies/3302122

fasteddie577
Level 5

I completed one tax return in 2017 and got paid for it. How do I report this on my tax return. Can I report it as misc income? Thank you.

Thank you. Greatly appreciated.
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