Hello. I publish YouTube videos as a hobby. I expect to receive around $700 in "earnings" from Google. How do I report this income for 2023?
Is it "hobby" income (no deductions for expenses and no "self-employment" tax required) or is it "self-employment" income (Schedule C required plus the dreaded "Self-Employment" tax)?
I get a 1099-MISC from Google.
Thank you.
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To report hobby income:
If that does not help, you can look for Other Miscellaneous income and Hobby Income will be one of the sections.
If you determine that it is self employment, then you would enter the income and expense in the self employment section. Enter the income and then select the expenses categories.
This link talks about how to enter income:
This link talks about how to enter expenses:
Per the IRS:
The IRS has specific rules regarding treating income as business or hobby income.
To determine the difference the IRS considers these questions:
Also, the IRS presumes that an activity is carried on for profit if it makes a profit during at least three of the last five tax years, including the current year — at least two of the last seven years for activities that consist primarily of breeding, showing, training or racing horses.
This link is a nice link to learn more about self employment income and expenses:
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