I received a 1099-misc from Robinhood from a reward thing, I think crypto learning and it’s for $1. TurboTax wants to count this as self-employment income. I have a 1099-Div as well from them (less than $200 in dividends). Do I need to file this one for just $1?
Yes, if you are filing a return, you have to include all income from all sources. The IRS received notice that you have a 1099-Misc so they will be expecting it with your return and if you do not include it, you will possibly receive a letter stating that you are missing income on your return and they are making a correction.
Technically, crypto learning for mining could be considered self-employment, but if it was just $1, it is not likely to be considered self-employment. So, to enter your 1099-Misc, then as you continue through the screens you will come to one that says do one of these uncommon situations apply? Select This was a manufacturers incentive payment (as close to a reward as the options allow) which will make the $1 payment just taxed as ordinary income and will not generate a Schedule C.
Yes, if you are filing a return, you have to include all income from all sources. The IRS received notice that you have a 1099-Misc so they will be expecting it with your return and if you do not include it, you will possibly receive a letter stating that you are missing income on your return and they are making a correction.
Technically, crypto learning for mining could be considered self-employment, but if it was just $1, it is not likely to be considered self-employment. So, to enter your 1099-Misc, then as you continue through the screens you will come to one that says do one of these uncommon situations apply? Select This was a manufacturers incentive payment (as close to a reward as the options allow) which will make the $1 payment just taxed as ordinary income and will not generate a Schedule C.