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Old 04-06-2015, 07:51 PM
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Stay At home dad with minimal income- how to file?

Hi, I'm a stay at home dad. My wife and I are filing jointly. She has her w2's. I had few gigs in 2014 ( part time musician) that totaled to $1700. How do I file it?
Do I file it under business? As an additional income? Not sure what to do with it. I'm using turbo tax, and they say I should file under business- not sure how I can deduct- I don't really have a business, just sporadic paid gigs.
Tha ns



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Old 04-07-2015, 05:17 AM
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Hi, I'm a stay at home dad. My wife and I are filing jointly. She has her w2's. I had few gigs in 2014 ( part time musician) that totaled to $1700. How do I file it?=======>>>>>>>>>>>. is $1700 reported on 1099MISC? or on W2? If it is on1099misc I mean you received a 1099misc then you need to report it on Sch C line 1 and deduct related biz expenses, so aslongas the amount on sch c line 29 / 31 is $400 or exceeds $400, then you must report it on 1040 line 12.aslongas the amount on sch SE is also $400 or exceeds $400 then you need to pay self employment tax to irs.you can deduct 50% of your self employmemnnt tax on 1040 line 27.


Do I file it under business? As an additional income? Not sure what to do with it. I'm using turbo tax, and they say I should file under business- not sure how I can deduct- I don't really have a business, just sporadic paid gigs.======>>>>>>>>>>>>>UNLESS you received a W2, you need to use sch C of 1040 as said above.however, remember; First you need to figure out if your project is a hobby or a business. That is, do you do it for pleasure, or to make a living? If it's a business, you can probably deduct the cost of your equipment and other expenses and fees on your tax return, even to the point of taking a loss. If it's a hobby, you can deduct only up to the amount of income you earned from the hobby. Which means that either way, you are supposed to report your income on your tax return. If you are trying to make it a source of living income, then you may be considered a business. Deductions for hobby activities are claimed as itemized deductions on Sch A of Form 1040. These deductions must be taken in the following order 1.Deductions that a taxpayer may take for personal as well as business activities, such as home mortgage interest and taxes, may be taken in full.2.Deductions that don’t result in an adjustment to basis, such as advertising, insurance premiums and wages, may be taken next, to the extent gross income for the activity is more than the deductions from the first category.
3.Business deductions that reduce the basis of property, such as depreciation and amortization, are taken last, but only to the extent gross income for the activity is more than the deductions taken in the first two categories



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