Will I owe hobby income taxes if I have no earned income and paid no tax in 2023?

Forum|Forum|1 year ago
July 23, 2024
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I had no reported income in 2023 and paid no tax. This year I will be reporting less than 2K of hobby income due to my appointment as a VineVoice, for which I received unpaid merchandise in exchange for a review of such. Will I have to pay tax on the hobby income even though I will have no reported income in 2024 and will owe no taxes again this year?

Not A Product Question

Bsch4477

The issue is whether the IRS considers the income self employment or hobby. IRS views 1099-NEC and 1099-K forms as business income until a taxpayer proves otherwise. If self employment, you have to file a return and pay self employment tax. You have to decide how to report the income in your particular situation.