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Author Topic: Income tax from crossword earnings?  (Read 26362 times)

ktd

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  • Posts: 24
Income tax from crossword earnings?
« on: February 02, 2013, 10:04:14 AM »
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

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  • Posts: 100
Re: Income tax from crossword earnings?
« Reply #1 on: February 10, 2013, 11:24:59 AM »
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
Try the weekly crossword at http://worldofcrosswords.com/

amyjohnson

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  • Posts: 5
Re: Income tax from crossword earnings?
« Reply #2 on: February 10, 2013, 02:12:30 PM »
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

  • Global Moderator
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  • Posts: 100
Re: Income tax from crossword earnings?
« Reply #3 on: February 10, 2013, 02:29:13 PM »
Here's another option to consider - file it as income from a hobby?
http://answers.yahoo.com/question/index?qid=20081014214720AAPaUue

- Marya
Try the weekly crossword at http://worldofcrosswords.com/

amyjohnson

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  • Posts: 5
Re: Income tax from crossword earnings?
« Reply #4 on: February 10, 2013, 03:19:34 PM »
Hobby income is likely more accurate especially without a 1099.

SJS

  • Full Member
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  • Posts: 130
Re: Income tax from crossword earnings?
« Reply #5 on: April 08, 2013, 05:31:51 PM »
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?

For what it's worth, I used 511000 - publishing income.

 


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