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Investors & landlords
There is no way to enter the income as hobby income directly from a 1099 MISC. Please us this link for guidance in reporting your income as hobby income. In your case, I suggest not entering the 1099 MISC but enter this income as hobby income in the steps prescribed in the link. If the IRS questions you in the future about not the reporting the 1099 MISC you can say that you are not in the business of making a profit thus you reported therefore you are claiming this as hobby directly income. Do not report this as investment royalty income as suggested in a previous post. Here are the steps to enter as hobby income.
- Choose Wages and Income
- Scroll down to Less Common Income and click Start to to right of Miscellaneous Income, 1099-A, 1099-C
- Click Start to right of Hobby income and expenses
In the description field, enter something like residual book royalties. .
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‎January 30, 2020
11:28 AM