1099-MISC income

jade1046 — Tue, 14 Apr 2020 17:20:11 GMT

My husband serves on the board of directors for a local philanthropic foundation in a mostly advisory capacity, and receives a set fee of $25,000 for the year for which he receives a 1099-MISC as non-employee compensation. I understand we must pay federal and state income taxes, but this is not his usual business. Can this be reported as 'Other Income" or must we also pay self-employment (social security and medicaid) taxes, even though we do not consider this to be a sole proprietor business?

Also, I owned a racing greyhound and received a small amount of purse income from his races if he won or placed 2nd or 3rd. I received a 1099-MISC for the income as non-employee compensation. It is basically a hobby as I do not materially participate in his training or care, and I don't expect to make much money. Same question as above. Can this be considered "Other Income" and not self-employment?

How to report on Turbo Tax for both, please?

Thank you.

Janet V.

Re: 1099-MISC income

MarilynG1 — Tue, 14 Apr 2020 18:56:23 GMT

The Board Membership income should be reported as Self-Employment Income, since it is an regular, ongoing source of income.

Click this link for more info on Board of Director Income.

The 1099-Misc for greyhound racing can be reported as 'Other Income' or as 'Hobby Income'.

To report as Other Income, indicate that this is 'not like your main job' and you had 'no intent to earn money' when entering your 1099-Misc.

Click this link for more info on Reporting Hobby Income & Expenses.

topic 1099-MISC income in Get your taxes done using TurboTax

1099-MISC income

Re: 1099-MISC income