Self employed

Hello Dr Rose,

 

Income from the 1099-K can be reported in 2 places.

 

1. Report it as other income on schedule 1 of your return if it is a hobby and no expenses are allowed to be taken

2. Report it on schedule C (self employed income) if it is a business and then you can take all the expenses associated with making that income.

 

Here are a couple of links with more information

https://turbotax.intuit.com/tax-tips/self-employment-taxes/4-tax-tips-for-money-making-hobbies/L89qz...

https://turbotax.intuit.com/tax-tips/small-business-taxes/when-the-irs-classifies-your-business-as-a...

https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"