1099-misc question

[Marshall Jones]

My wife has a business where one source of income is a small shop space that she rents in a "co-op" crafting place.  She made about $800 for 2019, which evidently is enough for the owner of the co-op to generate a 1099-misc, as the co-op handles all of the sales and cuts my wife a check every month for her part of the sales. 

So, I track sales for her business in Quickbooks, but now I have to figure out what to do with the 1099 so that I don't double-count income.  Do I remove the sales figures in quickbooks and rely on the 1099 (kinda messes up my flow for sales tracking), or is there a way to tell Turbotax that you track your 1099 income in Quickbooks?

Thanks in advance!

[DavidS127]

Because you tracked your wife's income in QuickBooks, when you use that business income for TurboTax you don't need to make a separate entry anywhere for the 1099-MISC she received.  The income is already included in your QuickBooks accounting for her business.

[jtax]

You don't want to double count and you need not separately report the amounts received from 1099-MISCs that you receive IF you file a 1040 Schedule C-EZ.

If you file a Schedule C you must report the amount received from 1099-MISC forms on line 1b. On line 1a you report the amounts not received on 1099-MISCs. If you need to file that I would simply do the subtraction. I.e. your line 1a would be your QB gross income - the 1099-MISC amount, your line 1b would be the 1099-MISC amount.

TT will ask you about this during the interview you so you don't need to worry about the line numbers.

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