☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jul 23, 2024 11:44:35 AM

Will I owe hobby income taxes if I have no earned income and paid no tax in 2023?

I had no reported income in 2023 and paid no tax.  This year I will be reporting less than 2K of hobby income due to my appointment as a VineVoice, for which I received unpaid merchandise in exchange for a review of such. Will I have to pay tax on the hobby income even though I will have no reported income in 2024 and will owe no taxes again this year?

0 1 6056
1 Replies
Level 15
Jul 23, 2024 12:43:41 PM

The issue is whether the IRS considers the income self employment or hobby. IRS views 1099-NEC and 1099-K forms as business income until a taxpayer proves otherwise. If self employment, you have to file a return and pay self employment tax. You have to decide how to report the income in your particular situation.