12-29-2021 03:48 PM
This is my first year claiming my earnings. I average around $3,000 every 90 days. Is that enough to file? I have 4 kids so im hoping to get unearned income but i cannot qithout claiming an income i believe. I have always let my ex file as head of household but now were divorced, i am trying to di this myself. Any advice? How do i even get the forms from ebay? Sorry, i so new to this!!! Thanks
12-29-2021 06:15 PM
@mosmom25-6 You don't need a CPA (expensive), you DO need a qualified tax professional - this can be a bookkeeper who specialises in tax preparation (I agree HR Block may not be the best place) - they'll be up on all the latest tax prep, including being able to work out the child care and credits, they will have all the forms you need. Believe me, it is worth the money.
Once you get going, you can move over to something like Turbo-Tax or TaxAct and do your own taxes.
12-29-2021 06:37 PM
This is definitely a question for an accountant or a tax preparation company.
Glad you are making money during these difficult times!
Happy New Year!!
12-30-2021 02:16 AM
As many have said, please consult with a professional. Also if you use TurboTax or H&R Block online while they say "Free to File" it's just that for a basic 1040 return. Any additional schedules? Extra. Peace of mind (in case of audit), H&R Block and "just in case" TurboTax - also extra. They also charge you to actually get any refund due. So you won't pay to actually file, just everything around it you would. They have been extremely helpful for 1099-NECs and any 1099s as well as whatever else I have received for a schedule C when reporting income.
12-30-2021 06:19 AM
I was only curious how it works with filing income with ebay. Do they send a form or something?
12-30-2021 06:20 AM
Thanks so much!
12-30-2021 06:22 AM
Shoot!!! My ex just always filed so i just didnt no!! Great!! Im a single mom with 2 disabled kids so my income previously was only their ssi so ill look into it!! Thanks
12-30-2021 06:23 AM
I contacted turbo tax and they said i need the forms from ebay?
12-30-2021 06:24 AM
Thanks!!
12-30-2021 06:26 AM
Me too!! I have 4 kids and 2 are disabled so ive only recieved ssi before. Im very lucky to have friends and family donate things for me to sell!! Thanks
12-30-2021 06:27 AM
I contacted turbo tax so hopefully that will help!! Thanks
12-30-2021 06:34 AM
@mosmom25-6 wrote:I contacted turbo tax and they said i need the forms from ebay?
You'll receive a 1099 form from eBay, which shows how much you earned from selling here. Keep in mind, that's not the amount you'll pay taxes on. You can deduct many of the expenses you incur as a seller, which lowers that taxable amount. As others have said, do consult with a tax professional!
12-30-2021 06:35 AM
Currently for this tax year unless you have sold 20K you will not get the 1099 (the form you are asking about).
But you will need to print off a monthly sales report every month, so you can show your sales and fees, to take to your tax person. You will also need to bring records of any and all deductions you will be using against sales.
Failure to report can and likely will, cause you trouble, especially if you are getting any money from the government.
Many times, there is FREE tax help. It's usually advertised in the news/newspapers. Ask at your local library. Many times this is where free help/preparations are given every year. I would seek out help NOW, and not wait until later. Give yourself time to get everything gathered up for tax season.