How was the negative entry of the 1099-MISC entered? If the entry is removed, and a reversing entry is required, see below.
In TurboTax Online, the reversal may be entered as follows:
- Select Federal from the left side menu.
- Click on Wages & Income.
- Click the down arrow to the right of Less Common Income.
- Click to the right of Miscellaneous income….
- Click to the right of Other reportable income.
- At the screen Other Taxable Income enter a description and the income with a negative number
The income reversal is reported on line 8 of the IRS form 1040 and line 8z of the Schedule 1 Form 1040.
@SColvin
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