Yes, all income needs to be reported, even if it's from a hobby.
Prior to tax year 2018, hobby-related expenses could be deducted, but this is no longer the case.
To enter Hobby income:
- Type hobby expenses in the search box (yes, hobby expenses are not deductible but this is how to get to the Hobby section of TurboTax).
- Click on Jump to hobby expenses.
- On the Enter your hobby income and expenses for 2020 screen, enter your hobby income and expenses. The Hobby expenses box is a placeholder in case the IRS allows hobby expenses in the future.
- To see the Hobby income on your Form 1040, you can Preview your 1040. Scroll down to Schedule 1, Line 8, Other income.
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