My husband serves on the board of directors for a local philanthropic foundation in a mostly advisory capacity, and receives a set fee of $25,000 for the year for which he receives a 1099-MISC as non-employee compensation. I understand we must pay federal and state income taxes, but this is not his usual business. Can this be reported as 'Other Income" or must we also pay self-employment (social security and medicaid) taxes, even though we do not consider this to be a sole proprietor business?
Also, I owned a racing greyhound and received a small amount of purse income from his races if he won or placed 2nd or 3rd. I received a 1099-MISC for the income as non-employee compensation. It is basically a hobby as I do not materially participate in his training or care, and I don't expect to make much money. Same question as above. Can this be considered "Other Income" and not self-employment?
How to report on Turbo Tax for both, please?
Thank you.
Janet V.
