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What is it from? Is it self employment freelance income?
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Where you report the income, depends on why you got the income the income and how often you got/will get it. It's usually either self employment income (you will have to upgrade to TurboTax "Self Employed") or "other income". For more specific advice, please provide more info about the income.
The IRS considers undocumented cash income (no W-2 or 1099-NEC), for work performed, to be self employment income. You report the income from your own records. Enter at "Business Income & Expenses" and TurboTax (TT) will complete Schedule C for you and allow you to deduct any expenses associated with this income. You'll also have to pay self employment tax (social security & medicare tax) on any profits greater than $432.
For "other income" enter at:
- Federal Taxes tab
- Wages & Income
Scroll down to:
-Misc Income, 1099-A, 1099-C
- On the next screen, choose – Other reportable income
-For description and amount, in the separate boxes. It goes on line 8z of Schedule 1
It will not be counted as earned income, if you are otherwise eligible for the Earned Income Credit (EIC)
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