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MOST of the time, you will need to file Schedule C (and Schedule SE if you show a profit) to report the on-line earnings as self-employment income.
Using Schedule C allows you to deduct such basic expenses as the cost the of Internet Service Provider, the cost of the compuer and other computer-related equipment (printer, moden, software, etc). And the other costs associated with generating the on-line income. However, if the income is LESS than $400, you can just list the income as "OTHER INCOME" on Line 21 of Form 1040 should you not want to bother with he Schedule C. |
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