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I have a 1099-MISC for both prize money and competition travel compensation. "Check this entry" keeps coming up telling me to fill out box 7 schedule C. What do I do?
It directs me to go to "federal" and then "wages and income" and tells me to select "income from form 1099-Misc" and to complete all the info in that area. I'm confused because I have already filled out everything in that area that shows up when I follow those steps. Please help!
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June 3, 2019
12:53 PM
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Get your taxes done using TurboTax
If you received a 1099-Misc with an Amount in Box 7, this is considered Self-Employment Income, which is reported on Schedule C.
However, if this is a one-time payment and you are not Self-Employed, when you enter your 1099-Misc, choose 'not like my main job' (screenshot) and 'no intent to make money' (screenshot).
This will make the 1099-Misc amount taxable as 'Other Income' instead of 'Self-Employment Income'.
Type '1099misc' in the Search window, then 'Jump to 1099misc' to EDIT your Entry on the 1099-Misc Summary Page (screenshot).
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June 3, 2019
12:53 PM