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Get your taxes done using TurboTax
This sounds like a hobby for you, as opposed to a business. If this is the case, you can't deduct any of your expenses. However, you should see the TurboTax article Tax Considerations for Fantasy Sports Fans for more information.
You're correct that you'd report hobby income as "Other income" on Schedule 1.
To enter in TurboTax Online:
- Click Pick up where you left off
- Click on Federal in the left pane
- Click on Wages and Income in the banner
- Click on Add more income
- Scroll down to Less Common Income, click the Show more dropdown, and click Start next to Gambling winnings.
- Start the interview. When the relevant page appears, answer that you didn't receive a Form W-2G.
Your earnings will populate line 8, Other income, of Schedule 1.
March 30, 2021
8:18 AM