Which of the following statement is not correct for reporting a hobby on an income tax return

Schedule A of the income tax return deals with the information to be dispensed about hobby income and expenses.
To be specific, Schedule 1, line 21 under Schedule A contains the fields to be filled for information about hobby income and expenses.
This income is not included in the 'self-employment' income because it does not allocate a proprietorship.

shrutiagrawal1798 shrutiagrawal1798 · Answer 2 · 2021-12-18T14:14:28+01:00

The citizens of the nation having income higher than the minimum income tax chargeable income have been eligible to file the income tax return.

The income that has been made by a person pursuing his hobby has been termed as the hobby income. The hobby income has been reported in the tax return as well.

The hobby income has been reported on Schedule A, line 8 of Form 1040. It has also been reported in Schedule C. Thus, option B is correct.

For more information about the income tax return, refer to the link:

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