Are Tiktok Live gifts ($505. in 2024 as a hobby) taxable, and if so where should I report it on the 1040 tax form?

Yes.  TikTok income is taxable income. If you are intentionally monetizing, then this would be done with the intention of making money and would not be considered a hobby, but it would be considered self-employment income.

 

 

To enter this income as Hobby income select the following:

1. Income
2. Less Common Income
3. Miscellaneous Income
4. Other Reportable Income
5. Answer Yes to Any Other Taxable Income
6. Enter the description such as tik tok income
7. Enter the amount 

 To enter it as self-employment income select the following:

1. Federal
2. Income and Expenses
3. Show More next to Self-Employment
4. Start next to Self-Employment
5. Yes, to you have any self-employment income or expenses
6. Enter the type of self-employment work you do and you can select that you use your name for your business
7. Click through a few more screens and you will get to a screen that says "Your XX info"
8. Click Looks good
9. Then you will come to a screen that says Let's enter the income for your business.  It will give you the option of 1099-NEC or Other self-employed income including the 1099K , cash and checks.  Here is where you will enter the money you receive.
10. If you do not select one, it will not let you enter your income
11. Enter your self-employment income on the next screen
12. Continue and on the next screen click add expenses

* Please note navigation may differ slightly depending on which version of TurboTax you are using*