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Get your taxes done using TurboTax
It depends. If you are correct, that the company included the payments in your wages and they are included in the W-2, then you would not be required to report the income twice.
Double check your pay stubs to be sure your W-2 wages actually reflect the amount you received for 'bonding' time. If you are convinced and have proof you can keep with your tax records you can enter the 1099-MISC as other income and then also as a negative income amount.
When you are signed into your TurboTax Account use the following steps to enter the income:
- Click Tax Home (left panel) > Select Income and Expenses >
- Scroll down to the Other Common Income section.
- Click on the Start/Revisit box next Form 1099-MISC.
- On the screen Did you get a 1099-MISC? click on the Yes button.
- On the next screen, Let's get the info from your 1099-MISC, enter the information from the 1099-MISC, box 3.
Once you have entered the income you can use the following steps to enter it as a negative figure which will result in zero income being added to your other income.
- Click on Tax Home (left panel)
- Scroll down to Less Common Income section.
- Click on Start/Revisit box next to Miscellaneous Income.
- Scroll to Other Reportable Income Click Start/Revisit.
- Enter Description and negative amount (ex. -500).
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‎January 27, 2025
2:06 PM