1099 MISC

zgdrake · ‎July 13, 2020

I received a 1099MISC for non employee compensation. TT asked if this was my main job. I am retired and play music with a part time band which is much more a hobby than a business. Should I check "work like my main Job" or "Not work like my main job" ?

BillM223 · ‎July 13, 2020

You need to decide if this is a hobby or a business.

A hobby is activity done with no intent to make a profit while a business is done with the intent to make a profit.

The difference is how losses are treated. If you run a loss on a hobby, you don't get to deduct, whereas you can for a business (for a while anyway, before the IRS gets suspicious).

I thought this question, however, appeared if you also had a W-2. Do you have a W-2?

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