Looking for answers about filing income for Amazon Vine free products.
Looking for answers about filing income for Amazon Vine free products.
Are there "Tax experts" as suggested in the email I received who know the correct way to enter this information? What form?
This is my first year and I don't want to enter it incorrectly on my tax forms, especially if it means I would be paying more taxes than I should pay as I'm a senior citizen with limited income.
Thank you for your help.
Answers
-
Amazon typically issues a 1099 to Vine Members. Once received, you will report a 1099-MISC or 1099-NEC on the software as Self-Employed Income. Here is a link to the IRS website for more information pertaining to taxable and non-taxable income: https://www.irs.gov/businesses/small-businesses-self-employed/what-is-taxable-and-nontaxable-income
-
Hello!
Yes, our team of tax experts will be able to provide guidance on where to enter your income from Amazon Vine.
If you earned $600 or more from Amazon Vine, you will be issued a 1099. This will be entered following this menu path: Income>Business Income>1099-NEC / 1099-MiSC
After entering your 1099, the software will prompt you to link it to a Schedule C, which will be sent with your return. When you get to the Schedule C section of the software, you will be able to enter expenses associated with this business, which will lower the amount of self-employment tax.
If you do not receive a 1099 from Amazon Vine, you will need to enter your income directly on a Schedule C by following this menu path: Income>Business Income>Business Income (Schedule C)
