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?

posted

Connect with an expert

3 Replies

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.

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 will need to use TurboTax Self-Employed in order to enter your income and expenses.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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.