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Get your taxes done using TurboTax
Cpa I use for a trust account advised me in order to avoid an IRS letter, I should report the 1099 and then on the schedule C expenses use the 1099 amount and say something like "pass through investment income". Thus the 1099 will wash out but will it still look for self-employment tax? I'm having a hard time figuring out how to do this option in Turbo Tax. Reporting it as you said on Schedule D as investment income I can do. Suggestions?
‎February 17, 2021
10:55 AM