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Yes. As to self-employment income, it is all taxable, there is no dollar amount under which you do not need to include it. Anything over $400 is subject to both Social Security and Medicare taxes. You may also deduct your expenses.
You will need the Self-Employed Edition to include your income and expenses. Use these steps to enter your income not reported on a 1099-MISC
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “self-employment income” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to self-employment income"
- Click on the blue “Jump to self-employment income” link
- At this point, you can Edit the business that you have already entered, or click the Add Another Business link to enter information for a new business
- Edit the Business Income section to see options for entering General Income
- Under the General Income section, you can enter a Description and Amount for your income
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