I used to be self employed on the side as and for my 2019 returns I barely made anything. With COVID its now consider a hobby-how do I make this change on my tax returns?

I did not make any money or put any money into the side job of photography due to covid - I barely had it considered a side job last year

106

Expert Alumni

Feb 17, 2021 1:32:15 PM

Delete your business if you do not plan to continue as a business in the future. Hobby income is reported differently. Income is reported as Other Income and expenses are reported in Deductions & Credits. Those expenses are no longer deductible for federal but may be deductible on state taxes.

If you are not sure whether you will continue your business, you can leave everything blank. TurboTax will file a blank Schedule C but keep all your business info so you won’t have to re-do it if you revive your business in 2021.

Related Resource:

Tips for taxpayers who make money from a hobby

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I used to be self employed on the side as and for my 2019 returns I barely made anything. With COVID its now consider a hobby-how do I make this change on my tax returns?