Here’s the thing – I work for a company based in the UK where they pay me through paypal – my company since they are in the UK doesn’t report my income and paypal doesn’t report my income. What step do I enter this at?
Do I report it as less common income? Like income from a hobby? I grossed about 7k from this.
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"On Turbo Tax – Where Do I Report Income For Money Earned Through Paypal – When No One Else Reports My Income?" was posted on Tuesday, September 29th, 2009 at 7:38 am.
“On Turbo Tax – Where Do I Report Income For Money Earned Through Paypal – When No One Else Reports My Income?”下有2 Responses条评论.
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Depends on your situation you can always claim this income on line 21 (1040). However you might be considered an independent contractor and file a schedule c were you would report your gross income of 7k and then deduct any expenses that you incurred related to your job. This would reduce your taxable income and thus reduce any potential taxes
If you are self-employed, it goes on schedule C.
If you are an employee, it goes on line 7. (As in telecommuting.)
It is not “other income”; it is not ” a hobby.”
I’m betting you are self-employed and now owe 15.3% in SE tax.