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Get your taxes done using TurboTax
This income would not be entered as self-employment income. It is an unusual situation to be paid for a stump, but it does happen.
Here is now to enter the 1099-MISC so that the money won't be tax as earned income.
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 received it in 2020
- 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.
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March 14, 2021
1:35 PM