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New Member
posted Jan 23, 2023 5:47:38 PM

I have a business where I received payment via cash, check, and through apps like zelle. What forms do I need to fill out. 1099K? Other self-employment income?

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3 Replies
Level 15
Jan 23, 2023 5:53:13 PM

All income will be reporting on your Sch C including “other income “ received by your business. 

Intuit Alumni
Jan 24, 2023 11:27:13 AM

The system will determine what TurboTax product you will need based on your interview questions within the software. Once you report business activities, it will upgrade you to the best product to use for your tax situation.  

 

Please use the following link to begin filing your tax return and to also compare TurboTax products. 

Start Filing Your Return 

 

This article will give you information on the 1099K just for your reference.  

What is Form 1099-K? - Intuit 

Level 15
Jan 24, 2023 11:45:59 AM

Your tax return will include a Schedule C.  You report all your business income and expenses from your own reliable records, regardless of any forms you get from clients.

 

If you accept electronic payments, you might receive a 1099-K from the payment processor(s).  If you have a client that is another business and they paid you more than $600, they are supposed to send you a 1099-NEC.  But you are expected to report all your income from your own records, even if you don't get 1099 forms.  You would never issue a 1099 for payments you receive.

 

If your business makes payments of more than $600 to another person or business (subcontractor, some vendors) you may be required to issue a 1099-NEC for payments you made.