Thanks so much for your detailed reply and clarification.
When I read Schedule C instructions and under Line 6 it includes money from prizes and it confused me because I redeemed point for paypal cards whenever I accrued enough points usually in denominations of $10, $50, $100, and $250. So, I thought perhaps I need to use line 6 instead of line 1.
As far as record keeping, Paypal has internal final tracking tools which I used to download my yearly transaction details that has everything reported under mass payments for receiving payments of this sort. So, that I think is good enough for me in my case.
As far as reporting expenses, I am sure when I use turbo tax online edition to do this I assume that it will use appropriate forms to report expenses of such sort.
I was unemployed and at home so I started answering surveys from couple of survey sites and then got involved in panel surveys for testing products at home that led me to earn this much. I don't think it will continue this year as I already have a job.
Anyways, thanks for all your help and clarifying things.
Can you recommend me which version of turbo tax I should use if I receive my retirement income, I made this much money in survey, and now I also started work since October of 202 so I will be receiving w-2.!!
Happy New Year!
