Where in TurboTax do I report cash I received for services I performed on the side?

I am not self-employed and the cash received has nothing to do with my regular daytime job.

(Asked 12/25/07, Views 83)

If the "cash received" has nothing to do with your "regular daytime job" what is its source?

If it is any form of business-related, and you say its not your regular employee work, then you'd better spell out how you receive it but if business, it would seem that it would put you in the role of Sole Proprietor?

If its personal monies that you receive in some non-business situation, then is it a reportable income source such as interest or dividends or proceeds of sales of assets or what?

We can't possibly give you a specific answer since we have no idea of the situation from what you wrote/

(Posted 12/25/07)

If you were paid cash for services you performed, then you are self-employed with respect to those services. It is possible, and quite common, to be an employee in your day job and self-employed in a side job at the same time. You report the cash you received for your services in the Business Income section of the TurboTax interview. TurboTax will put it on Schedule C in your tax return.

(Posted 12/25/07)

OK, then in your circumstance you are BOTH an employee, with a W-2 received, and a Sole Proprietor (congratulations mr business owner!). Now the question is:
Sole Proprietors report their Business Income and Expenses on Schedule C, and the resulting Schedule SE as well as some others if necessary. The process starts by your going to the Business Income portion of TurboTax. RECOMMENDATION: If this is the first time you've filed for this outside business, it really probably is worth the money spent on going to the CD-ROM software version of "Home&Business" [do not confuse with "Business"]

Will your clients report your income on Form 1099-MISC since you are not incorporated and the law so requires?
If the income is reported on Forms 1099 given to you, then you enter that in the interview where so labeled. However, if they fail to report it, you should enter it in the field for income not reported on Form 1099.

Now, here's the rub: As a business owner with a truck and plow and who knows what else, you are going to want to declare your costs (expenses) of having and operating - so again I suggest the H&B - because the truck will generate a Depreciation Schedule. It just gets more complex as you go on.

If

(Posted 12/25/07)