onlyfans taxes

[erica97]

im filing my taxes for 2022 and i received a 1099nec, it is asking "Is the Recipient's ID Number for your business?" i dont know if im supposed to put yes or no. ive also read im supposed to file a 1040 schedule C but i didnt recieve that in the mail just the 1099 nec. im confused

[xmasbaby0]

You do not receive a Schedule C in the mail.  That is a form you complete when you use the software to prepare your tax return for the self-employment income you are receiving from OnlyFans.   Your tax return is a Form 1040 and the accompanying forms and schedules that go with it---and those come from completing the return in the tax software program.    You have self-employment income so you have to pay self-employment tax for Social Security and Medicare, and you need to complete a Schedule C for your business expenses.

Since you are preparing a 2022 return, you cannot use online TurboTax.  Online is only for 2023--no other year.   You need the CD/download software for 2022.

You cannot change the tax year.   The current online program is for 2023 only.   Only a 2023 return can be prepared online and only a 2023 return can be e-filed.

Online preparation and e-filing for 2020, 2021, and  2022 is permanently closed.

Note:  The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac.  It cannot be used on a mobile device.

To file a return for a prior tax year

 If you need to prepare a return for 2020, 2021, or 2022  you can purchase and download desktop software to do it, then print, sign,  and mail the return(s)

https://turbotax.intuit.com/personal-taxes/past-years-products/

You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.

Remember to prepare your state return as well—if you live in a state that has a state income tax.

https://ttlc.intuit.com/community/state-taxes/help/how-do-i-contact-my-state-department-of-revenue/0... 

When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.

Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_U...

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-

calculator-2021-2022-50907/

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

[Mike9241]

if you received this as compensation for appearing on that website, then it's self-employment business income reported on schedule C in your 1040. on schedule C you can deduction expenses directly relate to earning this income.  if you need to know what's deductible and what's not consult with a tax pro. I don't know if Turbotax offers live help in preparing prior year returns. 

if not 2022 must be prepared using one of the desktop versions and cannot be efiled.

[xmasbaby0]

@Mike9241 @erica97 TurboTax "Live" software with expert tax help is only available for the current tax year---2023---not for past year returns.   A 2022 return must be prepared using the desktop "do it yourself" tax software on a full PC or Mac.   Or---the user can seek paid local tax help.

[VolvoGirl]

Which Desktop program are you using?  All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. 

To enter a 1099NEC……

In the Desktop version, you can enter the total Income as General income.  You don't need to get a 1099NEC or 1099Misc or 1099K.  Even if you did you can enter all your income as Cash under General.  Only the total goes to Schedule C line 1.

1099NEC is self employment income.

You are the owner of your own self employment business.  You are in business for yourself.  Use your own info.  The people or company that pays you is your customer or client.  You are considered to have your own business for it.  YOU are the business.

You need to fill out schedule C for self employment business income and pay self employment tax in addition to regular income tax on it.  The SE tax is to pay Social Security and Medicare tax that wasn't taken out like on a W2.

You use your own name and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all  income is at risk.  After you put in your income and expenses  if your net profit is $400 or more you will pay 15.3% for 2013  Self Employment tax in addition to your regular income tax.  The Schedule SE will be automatically filled out for it.

You pay Self Employment tax on $400 or more of net profit from self-employment in addition to any regular income tax.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.