Rec'd 6+ 1099's for income rec'd by the new owner of the business I sold in prior yr. I am amending my return to include the forms that were not corrected as requested.

[Pat-s-wife]

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.

[RichardG · Accepted solution]

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.  

[Pat-s-wife]

this results in over $1000 higher taxes because I entered it as a business income and subtracted it as personal.

[Pat-s-wife]

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

[Pat-s-wife]

I am writing the deduction in under Miscellaneous Business Expenses with an explanation there.

[RichardG]

If you are reporting income and expenses under the business tab, that makes more sense.