I'm a more recent viner and I'm incredibly confused with how to file what I received from Vine in 2023. I'm a graduate student who receives no financial compensation for her work (and I haven't earned money since mid 2022) but I got an offer to join Vine in summer of 2023. The taxable amount that I have from Vine in 2023 is $576.59. Given that this is less than $600, no 1099-NEC was generated by Amazon. I've tried to do a lot of research through the IRS website and turbotax forums on how I should file in this situation but I'm really not sure what to do/how to proceed and would appreciate any advice. Like I really didn't receive any income at all besides what I got from Vine, which I personally think is questionable as income. Regardless of my own personal interpretations, I would appreciate any guidance on what to do next as the whole hobby vs. self-employment, 1099 vs. 1040 is really confusing me. You can tell that I'm not in graduate school for business lol.
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Generally, income from Vine is considered to be self-employment income. This is because you are given an item of value in exchange for a service (the review that you write).
Typically, taxpayers with net earnings from self-employment that exceeds $400 must file a tax return and pay self-employment tax.
Vine income doesn't have a lot of opportunity to claim expenses against it, but it does have some. For example you could deduct things such as:
It's difficult to justify calling this income hobby income, except in a few cases, such as someone who collects items and never actually writes a review (but we know this person doesn't get to continue in the program.)
If you report the full amount as self-employment income, you will owe tax of around $90.
Only you can really decide if it is hobby income for you, but for most Viners, this activity meets the definition of self-employment activity. If you decide you want to report it as hobby income, and that is your only income for the year, you don't have a filing obligation. Here's a bit more about hobby income: 4 Tax Tips for Money-Making Hobbies.
I file my own Vine income as self-employment due to the "something of value in exchange for a service" logic, if that helps to know.
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