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I own an etsy business and made less than $600, I do not have access to a 1099-MISC, do I still need to file?

 
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3 Replies
BillM223
Expert Alumni

I own an etsy business and made less than $600, I do not have access to a 1099-MISC, do I still need to file?

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.

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I own an etsy business and made less than $600, I do not have access to a 1099-MISC, do I still need to file?

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 

PattiF
Expert Alumni

I own an etsy business and made less than $600, I do not have access to a 1099-MISC, do I still need to file?

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.

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