You would report this income on a Schedule C and take a deduction for the same amount. Report the 1099-MISC under Business Items. You don't have to upgrade to Home & Business to report this in a TurboTax CD/Download version, so just say you want to continue in Premier.
Don't say you sold or disposed of the business or anything of that nature. After you enter your 1099-MISC, continue through the business section until you get to the screen Business Expenses, and choose All Other Expenses.Go past the screens until you get to Enter Business Expenses Not Yet Reported, and type in your explanation and the amount.
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