topic Section for Hobby Income in Get your taxes done using TurboTax

Section for Hobby Income

corey-barnes25 — Mon, 03 Jun 2019 18:34:58 GMT

Where do we file hobby income and/or deduct equipment costs associated with the jobs.

Follow these steps in Turbo tax to enter your hobby incom...

PeterM — Mon, 03 Jun 2019 18:34:59 GMT

Follow these steps in Turbo tax to enter your hobby income and expenses (keep in mind that you'll only be able to deduct hobby expenses up to the amount of your hobby income)...

Click the Federal Taxes tab (button)
Click the Wages & Income tab (button) start button
Under the Less Common Income heading, click the Miscellaneous Income , 1099-A, 1099-C start button (see 1st screenshot below)
On the next screen, under the Miscellaneous Income heading, click the Hobby Income and Expense start button (see the 2nd screenshot below)
Enter your hobby income and expenses on the next screen (see 3rd screenshot below)

Re: Follow these steps in Turbo tax to enter your hobby incom...

jannandavid — Fri, 06 Mar 2020 17:33:41 GMT

I can’t find the section you are talking about and I don’t see any screenshots

Re: Section for Hobby Income

HelenC12 — Fri, 06 Mar 2020 18:01:53 GMT

To enter your Hobby information:

Type hobby expenses in the search bar.
Click on Jump to hobby expenses in the results bar.
Enter your information.

Note: Prior to tax year 2018, hobby-related expenses could be deducted, but this is no longer the case.

Per IRS Publication 535 Chapter 11, page 42: No miscellaneous itemized deductions allowed. You can no longer claim any miscellaneous itemized deductions, including the deduction for repayments (claim of right). Miscellaneous itemized deductions are those deductions that would have been subject to the 2%-of-adjusted-gross-income limitation

The Hobby expenses box, in TurboTax, is a place holder in case hobby expenses become deductible in future years.

Additional information: Do I have to report hobby income?