Get your taxes done using TurboTax
You may consider reporting the 1099-K as Hobby Income.
To report Hobby income, follow these directions.
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Wages & Income.
- Click Show more to the right of Other Common Income.
- Under Your income and expenses, click the Edit/Add button to the right of Form 1099-K.
- At the screen Did you get a 1099-K? click Yes.
- At the screen How would you like to enter your 1099-K? click Type it in myself. Click Continue.
- At the screen Choose which type of income your 1099-K is for, select the button for Hobby income. Click Continue.
- At the screen Let’s get the info from your 1099-K, enter the information. Click Continue.
- Click the box The amount in box 1a is too high.....
- At the screen Your 1099-K summary, notice that the income relates to ‘Hobby’. Click Done.
The entry will be reported:
- on line 8j of Schedule 1 of the Federal 1040 tax return, and
- on line 8 of the Federal 1040 tax return.
Hobby income expense is not allowed to be reported.
