turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I made about $3,500 from friends and family. and I got a check from a car accident for about $1,200. Is there a form I have to fill out for those?

 
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.

5 Replies

I made about $3,500 from friends and family. and I got a check from a car accident for about $1,200. Is there a form I have to fill out for those?

" I made about $3,500"

 

if you earned any income,  you have to report it.

 

@briannerunyon783 

I made about $3,500 from friends and family. and I got a check from a car accident for about $1,200. Is there a form I have to fill out for those?

See IRS rules for "Who must File"

if your total income is only $3,500.

 

@briannerunyon783 

I made about $3,500 from friends and family. and I got a check from a car accident for about $1,200. Is there a form I have to fill out for those?

But what form? My friends and family didn't fill out a 1099 or W2

I made about $3,500 from friends and family. and I got a check from a car accident for about $1,200. Is there a form I have to fill out for those?

proceeds from insurance claim are not taxed.

--

If your income was from your own business, you have to use Schedule C.

TurboTax supports "Income not reported on any tax document"

You will pay additional SE tax.

Generally, unless formally contracted,  money received from family members  is not reported as income.

@briannerunyon783 

 

 

AmyC
Employee Tax Expert

I made about $3,500 from friends and family. and I got a check from a car accident for about $1,200. Is there a form I have to fill out for those?

You made $3500. Did you make it by doing things for them, selling them items or did they give you money or pay their share of meals. What did you do to "make" $3,500? Did you receive a tax form? If so, the form must be entered but where and how to handle it varies.

If you worked and earned money, you are self-employed. See Am I considered self-employed?   

 

The car insurance would only be taxable income if you made money on the accident - which almost never happens - unless it was a business vehicle that has been depreciated.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question