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Question
I’m in California and made $6.9k and didn’t receive a 1099k. I still have to self report those gains right?
AI accountant’s answer:
Yes, even if you didn't receive a 1099-K, you are still required to report and pay taxes on all of your income, including the $6.9k you made. For self-employment income, you can report this on Schedule C (Profit or Loss from Business) and include it with your Form 1040 when you file your federal income tax return. Additionally, you may need to pay self-employment tax on your earnings; this is reported on Schedule SE.
As a resident of California, you will also need to report this income on your state tax return, which will be Form 540 for individuals. Make sure to follow the appropriate instructions and reporting requirements for self-employment or business income in California.
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