Yes as long as you receive royalty residual income from a book that you published, this is still technically considered self-employment income no matter how much income it generates.You can however report this as hobby income as you mentioned. Since the amount of money you receive is inconsequential. Here is how you declare your hobby income and expenses.
- Sign into Turbo Tax
- Click on Federal Taxes tab.
- Choose Wages and Income.
- Scroll down to Less Common Income and select Miscellaneous Income, 1099A, 1099-C.look for Hobby Income
- Click Start to right of Hobby income and expenses.
You do not need to be in a Turbo Tax Self-Employed or Home and Business version(s) to declare Hobby income and Expenses.
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