Skip to main content
February 18, 2025
Question

What if I made more than $5,000 on venmo but did not recieve a 1099k?

  • February 18, 2025
  • 2 replies
  • 0 views
No text available

    2 replies

    Employee
    February 18, 2025

    It does not matter that you did not get a 1099K----you still have to enter any self-employment income if you have over $400 of self-employment income.  

    If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare,  you will need to use online Premium software or any version of the desktop software download so that you can prepare a Schedule C for your business expenses.

     

     

    https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

     

    https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

     

    https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-self-employment-business-expenses-like-home/L1k6HJY4A_US_en_US?uid=m6jrthmp

     

     

    If you live in a state with a state income tax, you might need to make estimated payments to your state.

     

    https://turbotax.intuit.com/tax-tips/small-business-taxes/the-home-office-deduction/L1RZyYxzv

     

    https://turbotax.intuit.com/tax-tools/calculators/self-employed/

     

    https://ttlc.intuit.com/community/business-taxes/discussion/self-employed-don-t-miss-these-tax-moves/00/3400413

     

     

     

    To enter your self-employment income not reported on a tax document:

    1. Type “Schedule C” in the Search box
    2. Select the “Jump to” link.
    3. Answer the general questions about your business (or select Edit at the work summary screen).
    4. At the Let’s get income for… screen, select Additional Income.
    5. When in your account, select the Take Me to My Return button on the main screen.

     

     

     

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    AmyC
    Employee
    February 18, 2025

    Input any taxable income regardless of the paperwork. You may want to contact Venmo to determine if it is online or lost in the mail or another issue.

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"