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How to report hobby income and expenses on Form 1040 in Lacerte

by Intuit Updated 1 year ago

In Lacerte, you report gross income from a hobby on Line 21, Form 1040, and hobby expenses on Schedule A, Miscellaneous Deductions.

How to report hobby income on Form 1040:

  1. Go to Screen 14.1, SS Benefits, Alimony, Miscellaneous Income.
  2. Under the Alimony and Other Income section, enter your hobby income in the Other income field.

How to report hobby expenses on Form 1040:

  1. Go to Screen 25, Itemized Deductions (Sch. A).
  2. Under State Miscellaneous Deductions (Subject to 2% AGI limitation), locate the Miscellaneous Deductions (2% AGI) subsection.
  3. Enter any expense exceeding your total income received in the Other miscellaneous deductions field.

For more information about hobby income and expenses, see IRS Publication 529 Miscellaneous Deductions.

Lacerte TaxLacerte Tax Planner

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