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I know I made more than 600 this yr on tik tok..I don't use it for a buisness just a hobby..So how do I file it on my taxes

 
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2 Replies

I know I made more than 600 this yr on tik tok..I don't use it for a buisness just a hobby..So how do I file it on my taxes

To enter hobby income and expenses in TurboTax please follow these steps:

  • Sign in to your TurboTax account
  • Click on Federal Taxes tab
  • Choose Wages and Income
  • Scroll down to Less Common Income and click Start to the right of Miscellaneous Income, 1099-A, 1099-C
  • Click Start to right of Hobby income and expenses

Also please see this link:

 

https://turbotax.intuit.com/tax-tips/small-business-taxes/when-the-irs-classifies-your-business-as-a...

KrisD15
Expert Alumni

I know I made more than 600 this yr on tik tok..I don't use it for a buisness just a hobby..So how do I file it on my taxes

The above answer seems correct, but please also be aware that the IRS views a hobby as being done for the pleasure of the Taxpayer, therefore, although you will need to report the income and pay income tax on that income, you will not be able to deduct any expenses for that hobby. 

For Tax Year 2022, you may or may not receive a 1099-K form for that income, but starting Tax Year 2023, third-party payers will be required to issue a 1099-K for payments over $600, so you may need to enter a 1099-K on your 2023 tax return next year. 

 

Here is an IRS link with more information. 

 

 

@chris-cope99

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