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Get your taxes done using TurboTax
You can use this process to post the 1099-MISC
You are not self-employed, but TurboTax thinks you are because of the way you entered it on your return.
- Wages & Income
- Scroll to Other Common Income
- Select Income from a 1099-MISC
- Post your information from the form [Continue]
- Describe the reason for this 1099-MISC
- Post XXXX
- Does one of these uncommon situations apply?
- Select None of the above
- Did the XXXX involve work that's like your main job?
- No
- How often did you get income for XXXX?
- Check Got it in 2021
- Did the XXXX involve an intent to earn money?
- Answer No
If you do not follow this posting procedure it will result in self-employment. You would also have to pay 15.3% in self-employment tax (Social Security & Medicare).
2nd Question. Yes, you will correct it on the 1099-B. On the input screen for each currency, there is a check block for My Cost Basis Is Incorrect. Use the cost basis as posted from the 1099-MISC.
3rd Question. No, not if you do it right. It is frequent that the cost basis has to be changed. Simply keep a note with your taxes explaining what you did. Keep it available if the IRS should question it. They probably won't
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‎April 11, 2022
7:52 AM