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Get your taxes done using TurboTax
@JamesG1 wrote:Reporting 1099-NEC income as something other than Schedule C income is not common.
However, to report 1099-NEC information as hobby income or other income follow these steps:
- Select Federal from the left side menu.
- Click on Wages & Income.
- Scroll down to Other Common Income. Click Show more.
- Click Start / Revisit to the right of 1099-NEC.
- At the screen Describe the reason for this 1099-NEC, enter the reason for this income.
- At the screen Does one of these uncommon situations apply?, select This is not money earned as an employee or self-employed individual, it is from a sporadic activity or hobby.
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.
when i do report as hobby, do i pay Self employment Taxes? how are the taxes calculated?
based on ordinary income tax bracket?
‎April 13, 2024
1:40 PM