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Get your taxes done using TurboTax
Please see an alternative way from KathrynG:
You definitely should not have this income subject to self-employment tax.
There is an alternative way of reporting other income you may want to try.
To enter in TurboTax, follow these steps:
- From the left menu, select Federal
- Wages & Income scroll all the way down to Less Common Income and click Show More
- Select the last listed option for Miscellaneous Income 1099-A, 1099-C, click Start
- Next, select the last listed option Other Reportable Income
- Did you receive any other taxable income, click yes
- Other Taxable Income: Enter your description and the amount and click Continue and Done. Disregard the comment "Do not enter income from Form 1099-MISC here" because this is meant to guide taxpayers reporting typical 1099-MISC income. Your case is less common and this is how you can report it in TurboTax.
March 1, 2020
1:41 PM
422 Views