Because it is income, it is taxable so it will likely affect his return. To enter the hobby income you will do the following:Click FederalIncome & expensesScroll down to Miscellaneous Income and click Show MoreClick start next to Hobby Income and ExpensesThis will allow you to enter the hobby income and expensesThe expenses are deductible as an itemized expense. So, when you enter them, IF you are itemizing your return (taking a deduction for mortgage interest, property taxes, donations, etc) then it will be offset. If your overall itemized expenses are not greater than your standard deduction, you will be taxed on the full amount of the hobby income.

Question

My husband recieved a 1099-misc for winnings from fishing. This is soley a hobby and a losing one. How do we enter the 1099 in and not have it affect his return?

Forum|Forum|7 years ago
June 1, 2019
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V

Vanessa11_2

Employee

Because it is income, it is taxable so it will likely affect his return. To enter the hobby income you will do the following:

Click Federal
Income & expenses
Scroll down to Miscellaneous Income and click Show More
Click start next to Hobby Income and Expenses
This will allow you to enter the hobby income and expenses

The expenses are deductible as an itemized expense. So, when you enter them, IF you are itemizing your return (taking a deduction for mortgage interest, property taxes, donations, etc) then it will be offset. If your overall itemized expenses are not greater than your standard deduction, you will be taxed on the full amount of the hobby income.

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jessicaltimmAuthor

His accountant the past years as written it all off due to what he pays over the course of a year in entry fees etc. Unfortunately he passed away so we are trying to figure it out