I was a webcam model for the past summer, but it wasn't my forte.. just needed some extra cash. I already have a part time job, and am I a dependent living with my parents. My parents file my taxes for me, and I was wondering if I need to include my webcam information with the tax return coming up. I made about $547 this past year, but the company only sends out a 1099 form if a model has made over $600. I am confused on how I would include this information to my taxes and what forms to use.
Yes, if you file a tax return, you have to include all your income, no matter how little it is, whether or not you get a 1099 form for it. The requirements for a company to send you a Form 1099-MISC have nothing to do with the requirements for you to file a tax return and report your income. Apparently you have other income from your part-time job, but even if the $547 was your only income for the year, you would be required to file a tax return and report the income because you are required to file if you have self-employment income of $400 or more, and this is self-employment.
You have to report it as business income. You are considered to have been in business for yourself as a model, or self-employed. (That's just two different terms for the same thing.) Just enter it in TurboTax as business income, and TurboTax will prepare the appropriate forms. There will be a Schedule C to report the income, and a Schedule SE to calculate the self-employment tax, which is in addition to the regular income tax on the income.