Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
kristenmay5
New Member

Made under $600 in my direct sales job so i don't recieve a 1099 misc what do i need to report and what expense and inventory do i need to report

 
1 Reply
Coleen3
Intuit Alumni

Made under $600 in my direct sales job so i don't recieve a 1099 misc what do i need to report and what expense and inventory do i need to report

Didn't get a 1099-Misc for your self-employed income?

 How to report income without a 1099. 

  • Click on Federal Taxes on the top row of TurboTax Deluxe Online.
  • Click Wages & Income
  • Under All Income, click Show all income
  • Scroll to Self-Employment, click Start
  • Click Yes to Did you have any self-employment income or expenses?
  • Enter any income from sales or services that weren't reported on Forms 1099-MIsc

Inventory 

Start with beginning inventory. If this is your first year, stating point would be zero. Report your inventory under what is called "Cost of Goods Sold" and account for how much of your purchases during the year was "withdrawn for personal use".

TurboTax will guide you step by step through the process.


TurboTax Calculates Cost of Goods Sold as follows:

Beginning Inventory

+ Purchases                            

= Inventory Available For Sale

- Ending Inventory                   

= Cost of Goods Sold

Dynamic AdsDynamic Ads
Privacy Settings
v