Discussion in 'General' started by LadyK, Jan 30, 2015.
earnings for 2014 are live now
Does Amazon report anything to the IRS or do I have to do it myself?
Should I expect any forms from Amazon or should I just report myself?
Amazon does not send you any forms. You need to report your earnings on Schedule C as self-employment.
Is TaxAct safe to use? I've never done taxes before nor have I ever read up on it except I know I have to do it this year.
Yes TaxAct has been around for few years. Tjololo uses it and says it's good. I've been using TurboTax for few years and love it but I hate their pricing for Business version because of Schedule C. I'm gonna give TaxAct a try this year.
Is it correct to report the business as Self Employed Mturk or should I list it as something else? Also, should I list the income I earned under the "Business Income Or Loss" thing or somewhere else? Seems like the most reasonable place.
look and see
From what I understand Amazon by law has to report all earnings on their site just like any business does. Hence the reason why you have to provide your social security number. You as a worker, have to file if you make more than the required amount.
I do not know. I was quoting what I saw in the instruction booklets for each form and asking a question at the same time!
I just did my taxes using both TurboTax and TaxAct. They both gave me the same results. TurboTax is going to charge you upwards of around $70 for the business version to use Schedule C/SE. You may find deals online for discounts.
TaxAct is free for federal and $14.99 for state.
Looking at Form 1099-MISC Income and Business Income (Schedule C) online right now and am just at a loss to what boxes I put the amount earned. I felt like whining about it a little and this seemed like the place for that. No amount of how-to reading about tax forms makes things make more sense. This is not my forte. I'll be revisiting these forms through the weekend to see if I have an ah-ha moment. And probably to check in here as well. Sorry I don't have anything helpful to add beyond emotional support.
WE CAN DO THIS!
No matter what I do, it is taking almost 60% of my earnings. I was prepared for 15%.
Look at your dashboard and click on: Show Earnings Details in blue font. Drop down menu will bring up your 2014 earnings. That amount is what you put down on your business income Schedule C.
That amount goes to:
Box 12 on 1040.
Box 1,3,5,7 and 29, 31 on Schedule C.
Box 2,3 Schedule SE
Hope this helps and that is what you're asking?
Doesn't sound right. What program are you using?
I have both TurboTax and TaxAct done, I can help you if I can.
I am using FreeTaxUSA (which has been good to me for many years). They try to make things simpler, so you tell them the amount, and then they populate the various boxes (I think that's what's going on anyhow; that's how it's worked for all the other sections).
I will check out TaxAct sometime this weekend and maybe that will be easier to understand. I know the amount I earned, I just need to know where to plug it in so I'm not losing most of what I earned.
This is what I get for trying to do this all on my own. My boyfriend says his local United Way is doing taxes for free, so I may see if there's something like that around me. I don't mind filing myself, but a second set of eyes would be nice.
We need more tax accountants on the forum.
Business activity type: Unclassified
Business activity code: Unclassified
Business Income - Accounting Method=Accrual
This sound right?
Business type: Unclassified
I put down code: 99999
Business Income - Cash
Not sure but that's what I used. I'm kind of sure of the 99999 code because others have spoken about it.
editing out everything because it was a negative rant and not helpful
Okay, 2 different sites filing Schedule C got this-
Income Earned: $400
Income Taxed: $282
Is there some reason that no one is using HR Block?
They charge money and I need every penny. Unless you are talking about using their website for free, which I didn't think was an option.