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skurkjy
New Member

I volunteer for a film fest every year. I'm 2016 I was given $500 after the festival was over because we had excess money. Am I self-employed? How do I claim the money?

I volunteer for a film festival every year. In 2016 I received $500 after the festival was over because we had excess money. Does this mean I'm self-employed? How do I claim this money on my taxes?
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1 Best answer

Accepted Solutions
JaimeG
New Member

I volunteer for a film fest every year. I'm 2016 I was given $500 after the festival was over because we had excess money. Am I self-employed? How do I claim the money?

You will want to enter this income in TurboTax appropriately to reflect on your return as Other Income. This will avoid having to pay Self-Employment Taxes since you did not perform these duties with the intent of making a profit. To enter this income as Hobby Income please follow the instructions below:

  1. Log in to your TurboTax Account
  2. From the main upper most tab select Federal Taxes
  3. In the secondary tab select Wages and Income
  4. Scroll down to Less Common Income and select Show More
  5. Once the screen drops down select Start in Miscellaneous Income
  6. Then select Start to enter Hobby Income and Expenses.

The program will walk you through the process of reporting this income and any expenses related to its activity. If you didn't have any expenses don't worry, these expenses are only valid if you use the Itemized Deduction. These are also Miscellaneous deductions which are capped by 2% of your AGI.


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1 Reply
JaimeG
New Member

I volunteer for a film fest every year. I'm 2016 I was given $500 after the festival was over because we had excess money. Am I self-employed? How do I claim the money?

You will want to enter this income in TurboTax appropriately to reflect on your return as Other Income. This will avoid having to pay Self-Employment Taxes since you did not perform these duties with the intent of making a profit. To enter this income as Hobby Income please follow the instructions below:

  1. Log in to your TurboTax Account
  2. From the main upper most tab select Federal Taxes
  3. In the secondary tab select Wages and Income
  4. Scroll down to Less Common Income and select Show More
  5. Once the screen drops down select Start in Miscellaneous Income
  6. Then select Start to enter Hobby Income and Expenses.

The program will walk you through the process of reporting this income and any expenses related to its activity. If you didn't have any expenses don't worry, these expenses are only valid if you use the Itemized Deduction. These are also Miscellaneous deductions which are capped by 2% of your AGI.


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