You can report your payment as Other reportable income unless you are running a business on Twitch.
Twitch will not send a Form 1099 if the amount is less than $600 so there's no need to wait for a form.
You can report your payment as Other reportable income unless you are running a business on Twitch.
Twitch will not send a Form 1099 if the amount is less than $600 so there's no need to wait for a form.
Thank you so much!!! I've been stressing staring at this screening hoping for some help. YOU ARE AMAZING!!
I'm in a similar situation as rainyblu16, though I did receive a 1099-MISC with $100.35 in Box 2, labeling it royalties. However, no matter how much I read about the subject, I can't figure out if I'm supposed to treat this amount as royalties and complete a Schedule E, or if I should be reporting this as hobby income, since I certainly wouldn't be able to say that I treat streaming as anything other than a hobby. I've been struggling with this question for several weeks, wondering if this is just a highly specific situation or if there are others in the same boat...
Unfortunately, the IRS considers Artist Royalties from Form 1099-MISC to be self-employment income that is reported on Schedule C. The advantage to reporting the income as a business is that you can also report expenses to offset the income.
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