Extract from IRS website "About Form 1099-NEC, Nonemployee Compensation"
https://www.irs.gov/faqs/interest-divid[product key removed]-of-income/1099-misc-independent-contrac...
"If you're not an employee of the payer, and you're not in a self-employed trade or business, you should report the income on line 8j of Schedule 1 (Form 1040), Additional Income and Adjustments to Income [PDF] and any allowable expenses on Schedule A (Form 1040), Itemized Deductions."
On the 1099-NEC itself IRS says:
"If you are not an employee but the amount in box 1 is not self-employment (SE) income (for example, it is income from a sporadic activity or a hobby), report the amount shown in box 1 on the “Other income” line
(on Schedule 1 (Form 1040)). "
I am in the Amazon Vine program to review products that I receive for free. I do not run it as a business, I am not self employed, I do not receive any cash compensation, I do not sell any of the products received.
Following the IRS instructions I want to report my Amazon Vine 1099-NEC income on Schedule 1 Part I Line 8j and report adjustments on Schedule 1 Part II line 24z.
Income would be the value of the products provided to me and reported by Amazon on my 1099-NEC.
Adjustments would be the depreciation of the value of the products I received in the process of doing the review. Not writing sufficient reviews would get me kicked off the program. Reviewing the products means I have to use it for a few months write reviews and update reviews based on my experience. Once my reviews are complete, the product usually has value though it less than when it was new. Some consumable items would have no value left but most products would.
How do I get TurboTax to do allow me to report both the income and adjustment on Schedule 1 for a 1099-NEC?
I have the value of the products from Amazon and now need to make an adjustment to the income for the depreciation of the products. The difference will be my "Other Income".
