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:
- Income
- Less Common Income
- Miscellaneous Income
- Other Reportable Income
- Answer Yes to Any Other Taxable Income
- Enter the description such as tik tok income
- Enter the amount
To enter it as self-employment income select the following:
- Federal
- Income and Expenses
- Show More next to Self-Employment
- Start next to Self-Employment
- Yes, to you have any self-employment income or expenses
- Enter the type of self-employment work you do and you can select that you use your name for your business
- Click through a few more screens and you will get to a screen that says "Your XX info"
- Click Looks good
- 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.
- If you do not select one, it will not let you enter your income
- Enter your self-employment income on the next screen
- Continue and on the next screen click add expenses
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