Forum > Etc.

Income tax from crossword earnings?

(1/2) > >>

ktd:
Hello all,
It's tax time and this year I sold a few puzzles, but I am unsure about how to report the money on my taxes? Do newspapers issue tax forms (like W-2) to constructors?

worldofcrosswords:
I'm not an accountant, just a stranger off the internet :) So take what I say with a grain of salt. But I believe you will need to report this income on Schedule C (self-employment income). I suspect that newspapers do not issue tax forms unless required to (e.g. they paid out a certain amount to you in excess of some amount specified by the IRS), in which case it would like be a 1099. I'd love to hear from any pros who have more info.

- Marya

amyjohnson:
Oddly enough I logged on to ask a similar question.  I believe a schedule C is correct, based on my investigation anyway, but I cannot for the life of me find a business code (box B) even remotely appropriate.  Any input from you vets?

worldofcrosswords:
Here's another option to consider - file it as income from a hobby?
http://answers.yahoo.com/question/index?qid=20081014214720AAPaUue

- Marya

amyjohnson:
Hobby income is likely more accurate especially without a 1099.

Navigation

[0] Message Index

[#] Next page