You'll need to sign in or create an account to connect with an expert.
You may need to file, see #1 below.
The IRS says in Pub 17:
"Also, you must file Form 1040 or 1040-SR and Schedule SE (Form 1040), Self-Employment Tax, if:
1. Your net earnings from self-employment (excluding church employee income) were $400 or more, ..."
You don't have to have a 1099-MISC or other forms. You can enter "General Income" in the business income and expenses interview - just enter something "sales on etsy" and then go on to enter your expenses.
Basically, if your business made enough money such that you would owe self-employment taxes (Schedule SE), you have to file, but you need to step through the process first.
So another question... If I spent more than I made would I have to do this? Because I definitely spent more than $500 and only made $430. Thanks again! @BillM223
The IRS states that if your net earnings are more than $400, then you need to file a Schedule C. Your net earnings are approximately negative $70 (-$70). You do not need to file a Schedule C for this year.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Nickstax15
New Member
skw3
Level 2
rob1264
New Member
ad4ee335e27c
New Member
Steverino78
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.