If I lose money every year, do I still need to report hobby income using Form 1099-MISC hobby income?
Regarding 1099-MISC hobby income, report hobby income on your Form 1040 as “Other income.” A hobby is an activity that has no expectation of a profit.
You can only deduct hobby expenses up to the amount of hobby income you received. If you itemize, report the deductions on Schedule A. The deductions are subject to the 2% limit. You can’t claim a loss from a hobby.
Get the facts from H&R Block about the IRS tax debt settlement option called the offer in compromise (OIC). OICs apply in rare situations for back tax debt.
If you paid tuition to a qualified college or university, you should receive a Form 1098-T. Learn more from the tax experts at H&R Block.
Learn more about your options to reduce or remove an IRS estimated tax penalty. Get the facts from the tax experts at H&R Block.
The key to understanding your w-2 form is decoding the boxes and numbers. Learn how to read your w-2 form with this box-by-box infographic from H&R Block.