Yes, unless the income is considered a gift, you need to report all income that is subject to US taxation on your tax return.
If you have no other 1099 Income from any other sources and your 1099-Misc is for less than $400, you will report this income as other miscellaneous income on line 21 of your 1040. This income will not be subject to self-employment taxes.
To enter your other income as other miscellaneous income:
- Click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
- Next click on “Income & Expenses"
- Next click on "jump to full list" or “I’ll choose what I work on”
- Scroll down the screen until to come to the section “Less Common Income”
- Choose "show more", then Miscellaneous Income
- Choose Other income not already reported on a Form W-2 or Form 1099 since you have a 1099, and enter this information.
Please see this Help article for more details on Self Employment Tax: Why am I paying Self Employment Tax?
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