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dejesus-34
New Member

If i am self employed and receive cash how do i file that

I have a w2 form but work half of year as self employed but got pay cash how do i enter that
1 Reply
BMcCalpin
Level 13

If i am self employed and receive cash how do i file that

To handle the self-employment, first you indicate that you have income from a business. The different versions of TurboTax do this in different ways, but in Deluxe, for example, you would go to Federal Taxes->Wages & Income->Self-employment income (1099-MISC, etc.) and expenses and start the interview.

In the interview, you will come to a screen that asks what the sources are: 1099-MISC, 1099-K, cash or checks, etc. Click on the cash button and continue - you will be able to enter the name of the source of the cash and how much it was.

As you continue the interview, you will be asked if you had any business expenses. If you do, you may be asked to upgrade, but, of course, the expenses reduce your income and your tax so it usually works out better for you.

The W-2 is entered the normal way under Wages & Income.

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