Didn't receive 1099-k cause I didn't hit threshold, how do I put in my sales on TurboTax?
Can someone dumb it down for me? I just got my employers W2 filled in and now I'm putting in the self employment income form and it's asking if it's a 1099k, misc, or NEC. NEC is the closest but it's asking for ID numbers, etc that is not available to me through eBay cause I was never sent a tax form. How do I pay my taxes on what little I made last year? What do I edit? Help?
4 comments
chapeau-noir
·2 years agoSince I went to part-time I haven't received a 1099 from any site I sell on, so I just add up the revenue and plug it in. I use Turbo-Tax home and business and it guides you through that.
Don't forget to take all of your deductions!
caldreamer
·2 years agoEBAY has "easy to read" 1-page report that shows YTD total for (gross sales/orders, refunds, EBAY fees, shipping expense). Go to Payments, Reports, REPORTS (NEW) and select LAST YEAR.
You must report "gross sales" to IRS (as shown on report). Then you deduct business expenses:
GROSS SALES (as shown on EBAY report)
- Refunds
- EBAY fees
- Shipping expense
- Cost of Goods Sold (your cost that you paid)
- Mileage, Packing/Office Supplies (any other expenses for your business)
NET TAXABLE SALES
I strongly urge you to consult with tax professional you fully understand how to file "business" taxes.
ckimodog
·2 years ago@old_new_and_interesting
The best thing you can do is either contact a tax attorney or a tax consultant who is familiar with all the updated info concerning. That way you can get hands on info from a professional. Their the ones you should be contacting.
Good luck to you.
monica-sells
·2 years agoI'm not an accountant, but if you
A. I did not receive a 1099-K form
B. Its asking if the number is FROM said 1099-K Form, I think the answer would be 'no' (since you don't have one)
I would venture to say it's just a misc.
I am not familiar with Tutbo Tax, but if you find you have made an error, just go back and fix it.....
again, assuming, if you are doing the right forms, it already knows you ID number (SS number)
the intuit help center has a lot of good information to help you out
I am assuming you are an individual