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You are required to report all your income to the IRS.
Keep reading, please, for complete instructions on how you can proceed.
If you have already filed and left out an income item (1099-K), you should amend your return, but only after the original return has been completely processed (refund received or payment accepted). If you didn't prepare your original return in at least TurboTax Deluxe, you will have to upgrade to Deluxe.
If you haven't filed yet and fail to report an income item (1099-K), the IRS may send you an automated Notice of Proposed Increase in Taxes later this year.
They will calculate the tax due (plus interest and penalties) and you can send them a check. On $12 of income, the most you could expect would be $4 or $5. No amended return is necessary, so you won't have to upgrade.
The IRS uses this simplified procedure since It is extremely common to omit reporting various Form 1099s. You file before they arrive, they get lost in the mail, get lost in your house or get tossed along with junk mail.
You are required to report all your income to the IRS.
Keep reading, please, for complete instructions on how you can proceed.
If you have already filed and left out an income item (1099-K), you should amend your return, but only after the original return has been completely processed (refund received or payment accepted). If you didn't prepare your original return in at least TurboTax Deluxe, you will have to upgrade to Deluxe.
If you haven't filed yet and fail to report an income item (1099-K), the IRS may send you an automated Notice of Proposed Increase in Taxes later this year.
They will calculate the tax due (plus interest and penalties) and you can send them a check. On $12 of income, the most you could expect would be $4 or $5. No amended return is necessary, so you won't have to upgrade.
The IRS uses this simplified procedure since It is extremely common to omit reporting various Form 1099s. You file before they arrive, they get lost in the mail, get lost in your house or get tossed along with junk mail.
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