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Get your taxes done using TurboTax
You have two options to account for the 1099-MISC that was reported in your Social Security number; however, I encourage you to take the first approach.
- Do not report it, as discussed in the comments above, and then send a copy of the 1099-MISC to your IRA Custodian. When the IRS contacts you about a missing 1099-MISC, then you will respond with an explanation. Your Custodian can also assist you in this response. Here's an article that will help you respond to a notice from the IRS.
- Another option is to report the 1099-MISC on your tax return. Then, make an additional entry in the Other Income section of your return. Report the 1099-MISC amount as a negative, which would effectively cancel out the income, but still report the form you received on your return. Still, keep all your records in case the IRS ever asks for more information.
@mike44102 Please see edited answer.
[Edited 02/18/2024|2:24 pm PST]
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‎February 18, 2024
1:36 PM