Re: the question, "How often did you get income for Hobby gains received from PredictIt?" Do I check "You got it in 2022" even though I already reported it for that year?

user17552925565

I am adding a 1099-MISC I missed reporting and Turbotax is asking me if I got the same type of income in 2022 (yes, but already reported) and 2023 (no).

VolvoGirl

It just wants to know if you got it before. Not if you reported it or not. So say yes. Are you doing a 2024 return? So you didn’t get that income in 2023? I wonder why it asked about 2022?

rjs

DO NOT check the box saying that you got it in 2022. Just leave the one box checked that says "I got it in 2024." Do not check any of the other boxes. If you check "I got it in 2022" or "I intend to get it in 2025" TurboTax will report the income as business income on Schedule C and you will have to pay self-employment tax on it.

And on the next screen, that asks if it involved an intent to earn money, select No.

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Re: the question, "How often did you get income for Hobby gains received from PredictIt?" Do I check "You got it in 2022" even though I already reported it for that year?

Investors & landlords

Investors & landlords