I received a one time consulting fee of $300 in 2017. Do I need a W2? How do I report it?
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W-2s are used for employees of a Company. If you are an independent contractor, not an employee, you do not need a W-2. If the amount was over $600, the Company paying you the consulting fee would have had to issue you a 1099-MISC.
If you have net self-employment income of $400 or more you have to file a schedule C in your personal 1040 return for self-employment business income. You may get a 1099-Misc for some of your income but you need to report all your income.
So if this is your only self-employment income (under $400), you can just include in on line 21 of your 1040. Please see below for how to enter this in TurboTax.
Please follow the instructions below to report your cash (check) income on line 21:
Please note the additional information about self-employment income below.
Self-employment income
Other income
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