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collazo63
New Member

My employer pays me monthly by depositing a check into my account. They don't give W2s or take any taxes out of the money I get. How should I report this income?

 
4 Replies
Carl
Level 15

My employer pays me monthly by depositing a check into my account. They don't give W2s or take any taxes out of the money I get. How should I report this income?

You'll report it as cash income, since that's basically what it is. Understand that as far as the IRS is concerned, you earned that income while self-employed and "in business" for yourself. So that income and any expenses associated with that income will be reported on SCH C as a part of your personal 1040 tax return.
AlanT
Expert Alumni

My employer pays me monthly by depositing a check into my account. They don't give W2s or take any taxes out of the money I get. How should I report this income?

See the FAQ on entering self-employment income.  You will need to use TurboTax Self-Employed in order to enter your income and expenses.  

https://ttlc.intuit.com/replies/4801198

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Carl
Level 15

My employer pays me monthly by depositing a check into my account. They don't give W2s or take any taxes out of the money I get. How should I report this income?

Dont' let the above potentially confuse you @collazo63  if you did not receive a 1099-MISC with the income paid to you reported in box 7. When starting the SCH C if asked if you received a 1099-MISC simply answer NO and then the program will ask you for income not reported on a 1099-MISC, K-1 or any other document.
Carl
Level 15

My employer pays me monthly by depositing a check into my account. They don't give W2s or take any taxes out of the money I get. How should I report this income?

Oh, on another note too. I wonder if your employer is attempting to duck out of paying their self-employment tax, as maybe you are "in fact" what the IRS would classify as a W-2 employee. So you should read the following at <a rel="nofollow" target="_blank" href="https://www.irs.gov/newsroom/understanding-employee-vs-contractor-designation">https://www.irs.gov/n...>
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