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Hobby income - calculating correctly?
My wife had a hobby income of $1665 and expenses of $1014 for a net income of $651. When I add the income and expenses into TurboTax it increases my taxes due by $686. If I adjust the expenses equal to the gross income yielding a net income of $0, I still owe an additional $686 in taxes. Is this calculation working correctly?
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‎June 3, 2019
12:12 PM