KrisD15
Employee Tax Expert

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The above answer seems correct, but please also be aware that the IRS views a hobby as being done for the pleasure of the Taxpayer, therefore, although you will need to report the income and pay income tax on that income, you will not be able to deduct any expenses for that hobby. 

For Tax Year 2022, you may or may not receive a 1099-K form for that income, but starting Tax Year 2023, third-party payers will be required to issue a 1099-K for payments over $600, so you may need to enter a 1099-K on your 2023 tax return next year. 

 

Here is an IRS link with more information. 

 

 

@chris-cope99

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