It depends on why you received this income.
If it is self-employment income, then you will
[1] have to pay 15.3% self-employment tax, and
[2] could qualify for the new 20% off Net Income deduction called Qualified Business Income Deduction.
- To declare this income, scroll to Self-Employment and click Show more
- Did you have any self-employment income or expenses? Click Yes
- There will be a series of questions setting up the self-employed reporting to answer.
- Answer the questions through until you can click Looks Good
- Let's enter the income for your work
- Click Other self-employed income and click Continue
- Tell us about the other self-employed income for your work. Provide a brief description of your work and the amount and click Continue
- You will be asked if you have any additional income before being asked what expenses you have to offset it
If it is not self-employed income, and it is not subject to self-employment, then it can be entered as Less Common Income.
- To declare this income, as Less Common Income, follow these steps:
- From the left menu, select Federal>
- Wages & Income>
- At the bottom of the income already reported, click Add more income or scroll down
- Less Common Income click Show More>
- Miscellaneous Income, 1099-A, 1099-C click Start>
- Other reportable income click Start
- Any other taxable income? Click Yes
- Other Taxable Income: Provide a description and amount. click Continue
- Any other taxable income? Click No
