Hi, everyone. I have a question about what qualifies as business income. During the tax year in question, I translated written materials for a nonprofit organization approximately a dozen times. For one of my assignments, I was offered and I accepted financial compensation. How should this income be reflected on my tax…
Hello all, First, thank you for your help in advance. My wife received multiple stipends from The Early Learning Coalition for attending and passing classes related to her job as a Teacher. She is NOT self-employed and received a 1099-NEC. The instructions that apply to her on this NEC states as follows: "If you are not an…
Hello FreeTax Community, Like others, I too have received a 1099-K from eBay this year, whereas in previous years I have not. I am not a person who uses eBay as my business but one who sells items here and there throughout the year. The previous year was abnormally strong for sales so I breached the $5,000 limit that…
How can I handle the following situation. I received a Form 1099-K in error for transactions between friends. The IRS guidance is as follows: “If taxpayers can't get a corrected Form 1099-K, report the information on Schedule 1 (Form 1040), Additional Income and Adjustments to Income PDF, as follows: Part I – Line 8z…
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