I want to report the income and then deduct it back off. I cannot figure out how to do this using turbo tax - what section would I use to deduct it? Please be specific if you can on where to deduct it.
Please go to Federal Taxes>Wages & Income>Less Common Income>Miscellaneous Income>Other Reportable Income. Answer "yes" on the next screen. On the screen after that, enter an explanation. Enter a negative number for the total amount of the 1099-MISC forms.
this results in over $1000 higher taxes because I entered it as a business income and subtracted it as personal.
I need to find a way to deduct it from the business side so that I do not have to pay SS tax on it
I am writing the deduction in under Miscellaneous Business Expenses with an explanation there.