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I
Imprez
January 25, 2021
Question

I stream on Twitch, but do NOT consider it a business. How do I report my 1099-MISC as a hobby?

  • January 25, 2021
  • 1 reply
  • 0 views

I made enough revenue on Twitch for them to send me my 1099-MISC, but this is a hobby, and should be filed as such.

I see no option to use my 1099-MISC if I select hobby income. Do I simply match the amount I put in the hobby section to the "Royalty" section on the 1099-MISC? Do I also have the ability to add expenses for this hobby?

I tried adding it in the Hobby income section, but that seems to create a Tax Liability, which I want nothing to do with...

Assistance is appreciated.

1 reply

M
MinhT1
January 25, 2021

Please read this Community answer which addresses your question.

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I
ImprezAuthor
January 25, 2021

Just checking, because I added this source of income, I'll have a tax liability no matter what right? Want to make sure I get it 100% right here.

I won't be penalized for this in the future, correct?

J
JotikaT2
January 25, 2021

That is correct. 

 

As long as it is hobby income and not a self-employed business that you carry on to make money, you should be fine. 

 

Your intent also drives whether or not this is a business or a hobby.  

 

Please see the attached link for more information to help you determine whether your activity is a hobby or if it could be considered a business.

 

Hobby versus Business comparison

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