Twitch streaming donations?

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I start streaming on twitch a couple of weeks ago, and i do so three times a week now, and i wanted to set up a donation box thingy for it to pay of my car repairs ($500) how would this all work into my taxes? some places say that you dont have to file anything for this until I make like $20k or some number, but i wanted to make sure before I started this incase something bad happens.

TurboTax Deluxe Mac

rjsAnswer

Level 15

Form 1099-K is issued by a payment processor, not by the person who receives the payments. A payment processor doesn't have to issue a 1099-K unless the total is over $20,000. You are not a payment processor, so that $20,000 threshold doesn't apply to you. You have to report all your income, no matter how little it is, whether or not you get a 1099-K, 1099-MISC, or any other form.

By taking money for streaming, on Twitch or anywhere else, you are in business for yourself. The money you get is business income, not gifts or donations. You have to report it as business income on your tax return. You have to report all of it, no matter how little it is. And you have to report it even if you don't get any kind of 1099 form.

The second link that SweetieJean posted, from streambig.net, has very good information. Read it.

rjs

Answer

Level 15

The second link that SweetieJean posted, from streambig.net, has very good information. Read it.

warriorgleek444Author

Level 2

okay, so if I make under $20k how would I input that into my taxes in turbo tax? would I need the business version of the software or something?

SweetieJean

Alumni - Champ

https://ttlc.intuit.com/questions/2725927-i-stream-on-twitch-how-do-i-do-taxes-for-the-money-i-make-...

SweetieJean

Alumni - Champ

"Twitch is not considered a recognized charitable organization, the money you received would not be considered donations but instead income." However, I am not sure I agree with this statement, as I see it more like a gift, ala Go Fund Me. SuperUsers?