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If you "worked" (provided a service) to get this money, then you need to report it on a schedule C and pay income and and self employment tax. If you don't, the IRS will send a letter demanding payment of tax with interest and late fees.
To prepare a schedule C you must upgrade at a minimum to the Deluxe version. If you have expenses, you need to upgrade to the self-employment version to deduct your job expenses. Since you owe income tax and self-employment tax on the net profit (income minus expenses) you may want to consider whether the upgrade will pay off.
If you "worked" (provided a service) to get this money, then you need to report it on a schedule C and pay income and and self employment tax. If you don't, the IRS will send a letter demanding payment of tax with interest and late fees.
To prepare a schedule C you must upgrade at a minimum to the Deluxe version. If you have expenses, you need to upgrade to the self-employment version to deduct your job expenses. Since you owe income tax and self-employment tax on the net profit (income minus expenses) you may want to consider whether the upgrade will pay off.
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