So I just had an appointment at H&R Block. After sitting in the waiting area for 30min with a baby screaming at the top of his lungs the entire time.....I get to the desk and the agent says she doesn't know how to do my taxes and has to reschedule me with a more senior agent.
The problem child....ALAMY. I actually made some money from Alamy last year and she didn't know how to do it. Not to mention that I didn't receive any 1099's for any of my stock work...I have to claim them because I filled out w-9's for at least two of them (totaling about $300).
Anyone (whom photography is not yet a career) do taxes and claim Alamy sales on their taxes know how it should be done? I don't want to claim a business yet (not until next year) so hoping to do it as a hobby.
You should be able to claim it under either miscellaneous income or under royalty/rental income. If you're not trying to claim deductions against it (i.e. filing a Schedule C for business income and expenses) they IRS shouldn't really care where you claim the income so long as you do ...
I *think* they (Alamy) are only required to issue a 1099 once the payments total $600 or more, and my (former) boss says they're not due until the end of February. Congrats though on making some $$$!
I read these posts too late. I do believe I would have been better off using Turbo Tax. I think the first lady had a problem with the stock photos. She didn't really understand how to do a second income...the second "senior guy" had to ask for help with the real estate part. The main reason I went to H&R instead of Turbo Tax was because it was the first year I bought my house....
Oh by the way....I went in saying miscellaneous income and walked out with a small business...and I didn't even get a chance to mention all the expenses over the year.
hmmm...I wonder if next year I can claim that $200 as charity lol.
hmmm...I wonder if next year I can claim that $200 as charity lol.
Only if you itemize deductions, which have to add up to more than $5,700 (The standard deduction is $5,700, so itemizing deductions for less than $5,700 is pointless).
ETA: $5,700 if single or married filing separately, $11,400 for married filing jointly or qualifying widower, $8,350 for head of household. 2010 taxes should have a higher Std. Deduction, but not by much.
I used turbo tax and just put down my Alamy income as misc or other (less than $600)...I also had a 1099 from shutterstock which I put in as royalties. I just took the standard deductions and didn't set it up as a business.
