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.

I have my own business, however it did not qualify this year for a 1099K. Do I still need to report that income? Do I just total my sales?

 
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.

1 Best answer

Accepted Solutions

I have my own business, however it did not qualify this year for a 1099K. Do I still need to report that income? Do I just total my sales?

Yes, you should report all your income, even if you did not receive a 1099-K.  You can total your sales and enter them as cash income in your Schedule C.  Here's how:

  • In your Federal return, choose the tab for Income & Expenses.
  • Scroll down to Self-employment income and expenses and click on the Start/Edit button
  • On the Here's your work info page, scroll down and click the button on the left titled Add income for this work.  
  • On the page Let's enter the income for your [Name] work, choose the second radio button Other self-employed income. Includes 1099-K, cash, and checks.
  • On the next page Tell us about other self-employed income for your [Name] work, "Cash Income" in the box labeled "Type of income" and enter the amount of money you received.
  • Continue to complete the interview.

View solution in original post

1 Reply

I have my own business, however it did not qualify this year for a 1099K. Do I still need to report that income? Do I just total my sales?

Yes, you should report all your income, even if you did not receive a 1099-K.  You can total your sales and enter them as cash income in your Schedule C.  Here's how:

  • In your Federal return, choose the tab for Income & Expenses.
  • Scroll down to Self-employment income and expenses and click on the Start/Edit button
  • On the Here's your work info page, scroll down and click the button on the left titled Add income for this work.  
  • On the page Let's enter the income for your [Name] work, choose the second radio button Other self-employed income. Includes 1099-K, cash, and checks.
  • On the next page Tell us about other self-employed income for your [Name] work, "Cash Income" in the box labeled "Type of income" and enter the amount of money you received.
  • Continue to complete the interview.

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