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How do I prevent Turbo Tax from calculating SE Tax on a payment I received from a prior employer in 2016 on a 1099 for some phantom stock I had held in the company?
I know the full distribution is Taxable Income but it was not earned as part of my current consulting business, which TT seems to want to do. So yes I pay taxes but should not be paying Self Employment tax. Any ideas?
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June 4, 2019
8:50 PM
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Get your taxes done using TurboTax
UPDATED FOR TAX YEAR 2019
You can enter the 1099-MISC in TurboTax as "Other Common Income," which is reported on line 8 of 1040 Schedule 1 and will not generate Schedule C or SE tax. Please use the following steps:
- Click on Federal > Wages & Income.
- 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.
- On the following screens, answer the following questions:
- Did it involve work that's like your main job? No.
- You got it in 2019
- No, it didn't involve an intent to earn money
7. Continue through the rest of the interview screens. The income will appear as Other Income.
[Edited | 4/9/2020 | 12:44pm PDT]
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June 4, 2019
8:50 PM