This is taxable income, yes. You have a filing requirement. If you are a dependent, the amounts are below. If not, it is $12,000. If your income is less, you don't have to file.
Single
dependents—Were you either age 65 or older or blind? No.
You must file a
return if any of the following apply.
1. Your unearned
income was more than $1,050.
2. Your earned income was more than $12,000.
3. Your gross income
was more than the larger of— a. $1,050, or b. Your earned income (up to
$11,650) plus $350.
Box
3 1099Misc./Other Income
Sign in to
TurboTax Online, click Continue
your return, then pick up where I left off (if you
are using TurboTax CD/ Download, then just open your return on your
computer).
- Click on Federal Taxes at
the top of the screen.
- At the
bottom of Your Income box pick
the option in blue to help me add other
income, then jump to full list;
- Scroll
down the page to the last section titled: Less common Income and click show more;
- Select start or update next to the last topic titled Miscellaneous Income, 1099-A, 1099-C;
- Scroll
down to the last option titled Other
reportable income and select start or
edit;
- When it
asks, "Any other reportable income?" say yes then type in a description and the amount to
report it on your tax return.
This will
place it on line 21 of your Form 1040.
