You entered the income correctly if you added the value of the stocks on the date you received them, following the steps you found by @Critter-3. This income is taxable as other income as if you had received cash for that same value. This is likely the amount on the Form 1099-MISC. Be sure to delete your Form 1099-MISC if you did not do that.
Next you should delete your business schedule if it is still in the tax return. Follow the instructions below.
You'll need to delete this form Form 1099-MISC and Schedule C
- If you're using TurboTax Online software and need to delete a form, click here.
- If you're using TurboTax CD\Download software and need to delete a form, click here
Once this is completed you should sign out of TurboTax and perform a process to clear cache and cookies. This will remove pieces of data that your computer holds on to when you think it's been deleted. Here are the official instructions for the most popular browsers:
Next you must enter the stock sale. Your cost basis will be the amount on the Form 1099-MISC that you reported as income. The sales price will be what you received at the time of sale.
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