If you do not have a profit motive, it might not be a business, but at best it is a hobby. Hobby income is still taxable income.
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 and expenses in TurboTax please follow these steps:
- Sign in to your TurboTax account
- Click on Federal Taxes tab
- Choose Wages and Income
- Scroll down to Less Common Income and click Start to to right of Miscellaneous Income, 1099-A, 1099-C
- Click Start to right of Hobby income and expenses
