it depends. If the income is reported on Form 1099-MISC you should report it using the steps below.
This income is not business income, rather miscellaneous as indicated by your Form 1099-MISC. It's your money making money for you and not because of a service you performed.
It's important for you to select 'None of these apply" and then you should also select the following:
- Other Common Income > Form 1099-MISC
- 'No' on the screen 'Did the '____' involve work that's like your main job?'
- 'No' on the screen 'Did the '____' involve an intent to earn money?'
This will report the income without any business activity and it will show up on Form 1040, Line 8 (From Schedule 1, Line 8z).
@Saineel
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