Hello! I stream as a hobbyist and not a business. I have access to my 1099-MISC form through the Twitch website. The only thing filled out on my 1099-MISC is box 2 for royalties which is about $200. When I try to add this in under wages and income-> other common income-> form 1099-MISC, it gives me the error message "Form not reported: your form 1099-misc shows $200 on line 2 but this income is not reported on another form or schedule. Lets review your entries now so you can tell us where to report this amount on your tax return". When I press continue, it just takes me back to the 1099-MISC thing under wages and income again and it just goes in a circle. What am I missing? Thank you!!
Since this is a hobby or occasional income with no profit motive, you may report this as "Hobby/Other Income" on your personal tax return. The IRS won't let you deduct hobby expenses, but your State may. You'll find an option to report hobby income & expenses under Less Common Income >> Miscellaneous Income.
You won't enter the income under the Form 1099-MISC topic if reporting hobby income, even if you received a 1099-MISC from Twitch.