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Reporting 1099-Misc under Hobby or Miscellaneous Income instead of Business Income?
Help! I'm using TT Premier. My husband paid over $3400 to a publishing company to edit and publish a book in 2021. He is NOT running a business or doing any marketing. This was a one-shot deal as he wanted to tell his story for his personal satisfaction; he has no intentions of continuing to write. The publishing company sold a few books through Amazon in 2022, and we received a 1099-MISC for $124. When I put that into Turbo Tax, it generates a Schedule C, they want a business name, want to know his accounting method, etc., etc.... Argh! He is not a business and never will be.
Can I just enter this $124 as a hobby or "other misc income" to prevent all the self-employment forms from being generated? It's not even a profit if we take into consideration what he paid to the company the year before. But I don't even care if we pay taxes on it. I just want this to be simple.
Thanks in advance for any insight you can give!