I stream on twitch, do i need to fire my 1099 for $55?

[kmpinette]

I was sent a 1099 from twitch. Do i need to fire this?

[PatriciaV · Accepted solution]

Yes, if you received Form 1099-MISC for any amount, you need to include that income on your tax return. 

If this is a hobby or occasional income with no profit motive, you may report this as "Hobby/Other Income" on your personal tax return. You may include hobby expenses up to the amount of hobby income, but you cannot report a loss on a hobby.

However, if you intend to pursue this activity as a business with the intent to earn a profit, then you would report this as self-employment income on Schedule C (subject to self-employment income tax).

This post may help you decide which is most appropriate: What's the difference between self-employment income and other income?

The easiest way to find either section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "schedule c" or "hobby income", and click on the related jump-to link to go directly to beginning of the section.