- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Depending on whether you classify this income as a hobby or a business, will determine where in TurboTax you will enter your earnings. The IRS has guidelines for what is a business and what is considered a hobby. In addition, any losses incurred each year will be treated differently depending on what this income is classified as. If an activity is a hobby, losses from that activity may not be used to offset your other income.
The first step for you would be to determine whether this is a side business or a hobby. Although it appears from your description of the activity that it is a hobby, please review this IRS fact sheet to help you further evaluate your situation: Business or Hobby?
If you have determined this to be a business, you would enter your earnings and expenses on a Schedule C. To access these fields in TurboTax, complete the following steps:
- Open your return in TurboTax.
- Search for Schedule C with the magnifying glass tool on the top of the page.
- Select the Jump to Schedule C link in the search results.
- Select Yes to the question Did you have any self-employment income or expenses?
- Follow the on-screen instructions to complete your Schedule C.
If you have determined this to be a hobby, complete the following steps:
- Open your return in TurboTax.
- Search for Other Income with the magnifying glass tool on the top of the page.
- Select the Jump to Other Income link in the search results.
- Select No to the question Did you get a 1099-MISC?
- Scroll down to Miscellaneous Income under Less Common Income and click Start.
- Click Start next to Hobby income and expenses.
- Follow the on-screen instructions to enter your data.
**Mark the post that answers your question by clicking on "Mark as Best Answer"