My profit was under $600, so I didn't get 1099-MISC and I'm doing standard deduction. I have two questions:
1. If my total winnings were $200 and I paid about $120 in total for entry fees. Should I report $80 (net profit) or $200 (total winnings)? Again, I'm doing standard deduction.
2. Where should I put it? I think it has to be on Schedule1 as "Other Income", but how do I navigate in TurboTax (Online) specifically, to enter my winnings? Less Common Income -> Miscellaneous Income -> Other reportable income?
This sounds like a hobby for you, as opposed to a business. If this is the case, you can't deduct any of your expenses. However, you should see the TurboTax article Tax Considerations for Fantasy Sports Fans for more information.
You're correct that you'd report hobby income as "Other income" on Schedule 1.
To enter in TurboTax Online:
Your earnings will populate line 8, Other income, of Schedule 1.
Thank you!
Yes it's a 100% hobby. Just to clarify, I would put $200 in my Gambling Winnings, correct?
Even in a case where I paid $10 to enter the contest, and won $9 for a third place. That $9 is taxed. Just want to double check.